June 8: The government on Tuesday mobilized police to forcefully remove the obstruction created by the locals of Banchare Danda landfill site where the garbage collected from Kathmandu valley is…
June 8: The government on Tuesday mobilized police to forcefully remove the obstruction created by the locals of Banchare Danda landfill site where the garbage collected from Kathmandu valley is…
June 8: Banks, which are under pressure to keep the credit-to-deposit (CD) ratio at 90 percent by mid-July, are pursuing a strategy of reducing credit flow despite an increase in deposit…
June 8: The World Bank has warned that the Russian invasion of Ukraine has further troubled the global economy that was struggling to revive from the impacts of…
June 8: Nepal Association of Tour and Travels Agents (NATTA) has urged Nepal Rastra Bank (NRB), the central bank of Nepal, to bring tourism entrepreneur-friendly monetary…
June 7: A technical committee formed by the Ministry of Culture, Tourism and Civil Aviation for the revival of tourism industry has been…
June 7: Two reputed business houses of Nepal have resumed the construction of cable cars and star hotels, which was halted due to the Covid 19 pandemic.…
June 7: The Nepalese Army has completed the Clean Mountain Campaign 2022 this…
June 7: This year, monsoon entered Nepal before the tentative date for its arrival, according to the Meteorological Forecasting Division under the Department of Hydrology and…
June 7: After the government decided to increase the income tax on the profit of cooperatives by 50 percent, the National Cooperative Federation of Nepal has started pressing the government to withdraw its…
June 7: The contestants of Dabur Vatika Miss Nepal 2022 visited Dabur Nepal Nursery in Banepa. During the visit, the contestants said that they got to understand various issues related to…
June 7: The government has changed the income tax rates for the new fiscal…
June 7: The government has revoked its decision to provide public holiday on Sundays.…
June 6: Speakers from various walks of life have expressed concerns that the budget for the upcoming fiscal year has not addressed the burning issues of the…
June 6: Industries of Bara-Parsa Industrial Corridor, which is the main industrial area of the country, have been at the receiving end due to the poor quality of electricity supplied to them.…
June 6: Minister for Industry, Commerce and Supplies Dilendra Prasad Badu has said that the problems of the industrial sector will be resolved…
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 60]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '15414', 'article_category_id' => '1', 'title' => 'Government Uses Force for Waste Management', 'sub_title' => '', 'summary' => 'June 8: The government on Tuesday mobilized police to forcefully remove the obstruction created by the locals of Banchare Danda landfill site where the garbage collected from Kathmandu valley is dumped.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">June 8: The government on Tuesday mobilized police to forcefully remove the obstruction created by the locals of Banchare Danda landfill site where the garbage collected from Kathmandu valley is dumped.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Vehicles carrying garbage from the valley was escorted by police after the Banchare Danda Landfill Site Affected Area Concern Committee stopped the vehicles at the landfill site.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The locals of Banchare Danda stared to protest from Tuesday morning after the government announced to dump garbage as per the agreement reached on Monday night.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Police took Shri Ram Dhungana, the chairman of the committee under control along with two locals by force while they were protesting at Aletar, located between Sisdole and Banchare Danda. SP Ram Prakash Shah of Nuwakot informed that the vehicles stopped at Sisdole were escorted to Banchare Danda.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Garbage disposal has been disrupted time and again due to the protests of the locals. The Ministry of Urban Development reached an agreement with the people's representatives of Sisdole and Banchare Danda on Monday night to remove the obstruction caused by the locals. The MoU states that the landfill site at Sisdole, which has been accumulating garbage of Kathmandu since 17 years, will be closed and turned into a green zone. The two sides had also agreed to determine the affected area of Banchare Danda dumping site for land acquisition.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The land acquisition process of the affected area was supposed to be started within six months on the basis of the environmental impact assessment report of Banchare Danda. The Kathmandu Metropolitan City had earlier conducted an environmental impact assessment of the area affected by the Banchare Danda dumping site by an expert team of NAST. The metropolis also agreed to reveal the report to the public. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the case of Sisdole, the agreement states that the process of closing the dumping site will be started within six months by making a management plan based on the environmental impact assessment report. The letter also mentions that arrangements will be made to prevent the emission of foul smell from Sisdole and Banchare Danda and immediate arrangement will be made for managing the leakage of contaminated water from the garbage of Sisdole.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The commitment letter states that the Ministry of Urban Development will allocate Rs 425 million to construct five different roads in the upcoming fiscal year 2079/80 in areas affected by the Banchare Danda landfill site. In addition, Rs 17 million will be allocated for river control, construction of community buildings and temples and tree planting. The Ministry of Health will be recommended to operate a 10-bed hospital for the residents of the affected areas, and the process of upgrading schools in Sisdole and Banchare Danda areas will also be initiated.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Despite the agreement, the locals continued protest after which the police was mobilized to resume waste management in the area.</span></span></p> <p> </p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong>Waste management issue to the House</strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepali Congress General Secretary and former Minister Gagan Kumar Thapa urged the government to inform the parliament about the recent problems in waste management in the capital. Speaking in the House of Representatives on Tuesday, he urged the Ministry of Urban Development to provide information on the problems in waste management in Kathmandu rather than answering disputes and questions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to him, billions of rupees are needed to fulfill the promises made with the people of Sisdole and Banchare Danda for waste management of Kathmandu metropolis. However, he suggested that some amount could be allocated for this from next year's budget.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, Thapa said that it would be difficult to solve the task of waste management at once. He said that money could be allocated for those places from next year's budget. Referring to some foreign practices, he said that a sustainable solution should be sought for waste management in Kathmandu. He also said that initiatives should be taken to fulfill the promises made earlier.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-08', 'modified' => '2022-06-08', 'keywords' => '', 'description' => '', 'sortorder' => '15156', 'image' => '20220608024027_IMG_20220608_141650.jpg', 'article_date' => '2022-06-08 14:39:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15413', 'article_category_id' => '1', 'title' => 'Banks Tightening Credit Flow despite Increase in Deposit Collection', 'sub_title' => '', 'summary' => 'June 8: Banks, which are under pressure to keep the credit-to-deposit (CD) ratio at 90 percent by mid-July, are pursuing a strategy of reducing credit flow despite an increase in deposit collection.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">June 8: Banks, which are under pressure to keep the credit-to-deposit (CD) ratio at 90 percent by mid-July, are pursuing a strategy of reducing credit flow despite an increase in deposit collection.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the Nepal Bankers Association, credit flow has shrunk despite the increase in deposit collection of banks and financial institutions. Although deposit collection of commercial banks increased by Rs 7 billion in the third week of June, credit flow declined by Rs 2 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> Bank deposits that were drawn out of the banking system due to the local elections have started returning to the banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Despite the increase in deposit collection, banks have adopted a strategy of reducing credit flow. Lately, banks have been blocking the flow of new loans and focusing only on recovery.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the association, the credit flow of banks has decreased by Rs 2 billion in the third week of May as compared to the second week.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Banks have almost stopped the flow of credit as the CD ratio of banks has exceeded the target set by the Nepal Rastra Bank (NRB) due to lack of liquidity. NRB has set a deadline of July for banks and financial institutions to bring the CD ratio within 90 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the association, the average CD ratio of commercial banks is 90.32 percent as of June 30.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> Meanwhile, an agreement has been reached between the Nepal Bankers Association and FinTelect Advisory Services to provide expert services on asset laundering prevention and financial crime compliance. The agreement was signed by Anil Kumar Upadhyay, president of the association and Shirish Pathak, managing director of FinTelect. As per the agreement, FinTelect will conduct webinars and workshops for Nepali bankers on anti-money laundering issue.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> Similarly, it will conduct policy research in collaboration with both the organizations and also give necessary suggestions to the regulator.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"FinTelect, through its highly knowledgeable resources and global advisors, will help Nepal's banking industry effectively and efficiently fight financial investment in money laundering and terrorism," said Managing Director Pathak.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"This cooperation will help increase the knowledge, skills, efficiency and productivity of the employees in the banking sector, especially in the field of anti-money laundering," said Upadhyaya.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> ', 'published' => true, 'created' => '2022-06-08', 'modified' => '2022-06-08', 'keywords' => '', 'description' => '', 'sortorder' => '15155', 'image' => '20220608012758_Banks - Copy.jpg', 'article_date' => '2022-06-08 13:26:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15412', 'article_category_id' => '1', 'title' => 'Stagflation Risk Rises Amid Sharp Slowdown in Growth', 'sub_title' => 'War in Ukraine leading to higher inflation, tighter financial conditions: World Bank Report', 'summary' => 'June 8: The World Bank has warned that the Russian invasion of Ukraine has further troubled the global economy that was struggling to revive from the impacts of Covid-19.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 8: The World Bank has warned that the Russian invasion of Ukraine has further troubled the global economy that was struggling to revive from the impacts of Covid-19.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Compounding the damage from the COVID-19 pandemic, the Russian invasion of Ukraine has magnified the slowdown in the global economy, which is entering what could become a protracted period of feeble growth and elevated inflation,” states the the World Bank’s latest Global Economic Prospects report. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This raises the risk of stagflation, with potentially harmful consequences for middle- and low-income economies alike, added the report. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank, global growth is expected to slump from 5.7 percent in 2021 to 2.9 percent in 2022— significantly lower than 4.1 percent that was anticipated in January. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“It is expected to hover around that pace over 2023-24, as the war in Ukraine disrupts activity, investment, and trade in the near term, pent-up demand fades, and fiscal and monetary policy accommodation is withdrawn.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As a result of the damage from the pandemic and the war, the level of per capita income in developing economies this year will be nearly 5 percent below its pre-pandemic trend. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The war in Ukraine, lockdowns in China, supply-chain disruptions, and the risk of stagflation are hammering growth. For many countries, recession will be hard to avoid,” said World Bank Group President David Malpass, adding, “Markets look forward, so it is urgent to encourage production and avoid trade restrictions. Changes in fiscal, monetary, climate and debt policy are needed to counter capital misallocation and inequality.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Tuesday, the World Bank said that the Global Economic Prospects report of June offers the first systematic assessment of how current global economic conditions compare with the stagflation of the 1970s—with a particular emphasis on how stagflation could affect emerging market and developing economies. The recovery from the stagflation of the 1970s required steep increases in interest rates in major advanced economies, which played a prominent role in triggering a string of financial crises in emerging market and developing economies, added the World Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Developing economies will have to balance the need to ensure fiscal sustainability with the need to mitigate the effects of today’s overlapping crises on their poorest citizens,” said Ayhan Kose, director of the World Bank’s Prospects Group. “Communicating monetary policy decisions clearly, leveraging credible monetary policy frameworks, and protecting central bank independence can effectively anchor inflation expectations and reduce the amount of policy tightening required to achieve the desired effects on inflation and activity.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The current juncture resembles the 1970s in three key aspects: persistent supply-side disturbances fueling inflation, preceded by a protracted period of highly accommodative monetary policy in major advanced economies, prospects for weakening growth, and vulnerabilities that emerging market and developing economies face with respect to the monetary policy tightening that will be needed to rein in inflation. However, the ongoing episode also differs from the 1970s in multiple dimensions: the dollar is strong, a sharp contrast with its severe weakness in the 1970s; the percentage increases in commodity prices are smaller; and the balance sheets of major financial institutions are generally strong, added the World Bank. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">More importantly, unlike the 1970s, central banks in advanced economies and many developing economies now have clear mandates for price stability, and, over the past three decades, they have established a credible track record of achieving their inflation targets. Global inflation is expected to moderate next year but it will likely remain above inflation targets in many economies. The report notes that if inflation remains elevated, a repeat of the resolution of the earlier stagflation episode could translate into a sharp global downturn along with financial crises in some emerging market and developing economies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The report also offers fresh insights on how the war’s effects on energy markets are clouding the global growth outlook. The war in Ukraine has led to a surge in prices across a wide range of energy-related commodities, the World Bank further stated. Higher energy prices will lower real incomes, raise production costs, tighten financial conditions, and constrain macroeconomic policy especially in energy-importing countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Growth in advanced economies is projected to sharply decelerate from 5.1 percent in 2021 to 2.6 percent in 2022— 1.2 percentage point below projections in January. Among emerging market and developing economies, growth is also projected to fall from 6.6 percent in 2021 to 3.4 percent in 2022—well below the annual average of 4.8 percent over 2011-2019. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The negative spillovers from the war will more than offset any near-term boost to some commodity exporters from higher energy prices. Forecasts for 2022 growth have been revised down in nearly 70 percent of EMDEs, including most commodity importing countries as well as four-fifths of low-income countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The report highlights the need for decisive global and national policy action to avert the worst consequences of the war in Ukraine for the global economy. This will involve global efforts to limit the harm to those affected by the war, to cushion the blow from surging oil and food prices, to speed up debt relief, and to expand vaccinations in low-income countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It will also involve vigorous supply responses at the national level while keeping global commodity markets functioning well. The report suggests that policymakers, moreover, should refrain from distortionary policies such as price controls, subsidies, and export bans, which could worsen the recent increase in commodity prices. Against the challenging backdrop of higher inflation, weaker growth, tighter financial conditions, and limited fiscal policy space, governments will need to reprioritize spending toward targeted relief for vulnerable populations, added the World Bank report.</span></span></p> ', 'published' => true, 'created' => '2022-06-08', 'modified' => '2022-06-08', 'keywords' => '', 'description' => '', 'sortorder' => '15154', 'image' => '20220608121128_World.jpg', 'article_date' => '2022-06-08 12:10:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15411', 'article_category_id' => '1', 'title' => 'NATTA Urges NRB to bring Tourism Entrepreneur-Friendly Policy', 'sub_title' => '', 'summary' => 'June 8: Nepal Association of Tour and Travels Agents (NATTA) has urged Nepal Rastra Bank (NRB), the central bank of Nepal, to bring tourism entrepreneur-friendly monetary policy.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">June 8: Nepal Association of Tour and Travels Agents (NATTA) has urged Nepal Rastra Bank (NRB), the central bank of Nepal, to bring tourism entrepreneur-friendly monetary policy. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">A delegation headed by NATTA Chairperson Ramesh Thapa on Tuesday called on NRB Governor Maha Prasad Adhikari and urged him to introduce monetary policy that is capable of restoring the pandemic-battered tourism entrepreneurship. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The association put forth its demand to continue re-financing provision for five years so as to revitalize the ailing tourism industry. At a time when the pandemic-hit tourism industry was gradually recovering, the central bank-imposed changes in re-financing work procedure had negatively impacted the entire industry, the delegation told Governor Adhikari. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“NATTA submitted the concern and pressing issues of travel and tourism trade and requested for necessary policy intervention for tourism business promotion. It was a fruitful meeting with the Governor,” NATTA wrote on its Facebook page on Tuesday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Other demands put forward by the association include creating environment for re-payment without fine, arrangement of 'cash back incentive' and easy loan flow to tourism sector. The association urged the governor to consider their demands as the tourism entrepreneurs are not in a condition to repay the bank loans on time due to unprecedented impacts of COVID-19. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to NATTA, NRB governor assured to try his best to address the issues. (With inputs from RSS)</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-08', 'modified' => '2022-06-08', 'keywords' => '', 'description' => '', 'sortorder' => '15153', 'image' => '20220608114557_286182537_8130877560259337_6765808476789914932_n.jpg', 'article_date' => '2022-06-08 11:44:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15410', 'article_category_id' => '1', 'title' => 'Technical Committee for Revival of Tourism Dissolved ', 'sub_title' => '', 'summary' => 'June 7: A technical committee formed by the Ministry of Culture, Tourism and Civil Aviation for the revival of tourism industry has been dissolved. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 7: A technical committee formed by the Ministry of Culture, Tourism and Civil Aviation for the revival of tourism industry has been dissolved. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The committee formed under the coordination of Rajaram Giri on January 16, 2022 was dissolved through a ministerial-level decision. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The ministry dismissed the committee after it submitted a report on May 3, informed Hemant Regmi, personal secretary of Tourism Minister Prem Bahadur Ale. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 12-member committee was formed under the coordination of an entrepreneur Giri in order to provide policy-level suggestions to seek new potential for the tourism industry of Nepal. A 24-member board of directors under chairmanship of Minister Ale was also formed to oversee the revival committee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Ministry of Culture, Tourism and Civil Aviation, both the committees have been dissolved. The ministry further said that the advice and suggestion of the report would be implemented. -- RSS </span><br /> </span></span></p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15152', 'image' => '20220607074621_Tourist.jpg', 'article_date' => '2022-06-07 19:45:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15409', 'article_category_id' => '1', 'title' => 'Sharma & Company, IME Group Resume Construction of Cable Car and Hotel', 'sub_title' => '', 'summary' => 'June 7: Two reputed business houses of Nepal have resumed the construction of cable cars and star hotels, which was halted due to the Covid 19 pandemic. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 7: Two reputed business houses of Nepal have resumed the construction of cable cars and star hotels, which was halted due to the Covid 19 pandemic. Construction of Butwal-Palpa cable car and hotel is underway with the joint investment of more than Rs 4 billion of Sharma & Company and IME Group.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Although the construction of the first phase of the three-kilometer long cable car started three months ago, the construction of a five-star hotel is set to start from September. Sharma & Company, a successful construction company, has invested 50 percent in the project and started a hotel and cable car for the first time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Meanwhile, the IME Group, which has established itself as a successful company in the banking and remittance sector, has 50 per cent investment in the project.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Ramesh Sharma, chairman of Sharma & Company, said that his company and the IME Group, which operates cable cars and resorts in Chandragiri, Kathmandu, had moved ahead with the project which was halted due to coronavirus pandemic. "The cable car structure has been under construction for three months now," Sharma said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Sharma informed that they have already set up six out of the nine towers of the cable car. The company stated that all the cable car towers will be fixed by mid-July. The starting point of the cable car will be Butwal's Bamghat, Chidiyakhola and the last stop will be Basantapur Danda of Palpa. Sharma said that the construction of the cable car and the process of purchasing coaches will be expedited from next April.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The cable car will have 24 compartments. Two of them will be carrying luggages. Following the success of cable car and resort operation in Chandragiri, IME Group and Sharma & Company have followed the same modality and started the project of running hotel and Butwal-Basantapur cable car in Basantapur of Palpa. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to Sharma, the hotel will take another two to three years to come into operation.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">After the operation of the cable car, the second phase will focus on building five-star hotel and lodges and also halls and restaurants for holding conventions.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Sharma informed that about 30 ropanis of land has been purchased for the purpose. "There are plans to add another 30 ropanis," Sharma said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The company is targeting both internal and external tourists. Investors say such tourism infrastructure needs to be built to develop MICE tourism and hill stations.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Basantapur hill, a few kilometers away from Butwal, is considered to be an ideal place for escaping the high temperature of Butwal and Bhairahawa. Investors believe that this place can become a favourite choice of domestic and foreign tourists after the construction of cable car.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Similarly, the second international airport, Gautam Buddha, and the Pokhara Regional International Airport, which is under construction, are also aimed at making Palpa a preferred choice and a hill station style destination for tourists, Sharma said.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15151', 'image' => '20220607061948_20210211021226_index.jpg', 'article_date' => '2022-06-07 18:19:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15408', 'article_category_id' => '1', 'title' => 'Clean Mountain Campaign Concludes', 'sub_title' => '', 'summary' => 'June 7: The Nepalese Army has completed the Clean Mountain Campaign 2022 this year.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 7: The Nepalese Army has completed the Clean Mountain Campaign 2022 this year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">This was the third edition of the clean-up campaign initiated by the Nepalese Army in coordination with Rotary Club of Nagarjun and various donor agencies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Under this campaign, the Nepalese Army collected as much as 33,800 tonnes of waste from four mountains including Mt Everest, Mt Lhotse, Mt Kanchanjunga and Mt Manaslu. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The solid waste brought down from the mountains comprised of 7,227 kilograms of biodegradable matter and remaining were non-biodegradable, the Nepalese Army informed.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The cleaning team reportedly collected skeleton of two humans from Mt Kanchenjunga. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The cleaning team included 30 army personnel and 48 Sherpas as support staff. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The campaign that kicked off on March 5 concluded on the World Environment Day on Sunday. During the closing ceremony, Chief of Army Staff (CoAS) General Prabhu Ram Sharma said that it was the supreme duty of humans to maintain environmental balance in the face on growing environmental degradation. The army chief distributed </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">letter of appreciation to the members of the cleaning campaign, supporting agencies and support staff. </span></span></span></p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15150', 'image' => '20220607050756_1654558012.Clipboard07.jpg', 'article_date' => '2022-06-07 17:07:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15406', 'article_category_id' => '1', 'title' => 'Meteorological Division Confirms Early Onset of Monsoon this Year ', 'sub_title' => '', 'summary' => 'June 7: This year, monsoon entered Nepal before the tentative date for its arrival, according to the Meteorological Forecasting Division under the Department of Hydrology and Meteorology. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 7: This year, monsoon entered Nepal before the tentative date for its arrival, according to the Meteorological Forecasting Division under the Department of Hydrology and Meteorology. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The division in its special weather bulletin on Monday afternoon confirmed that monsoon made its entry in the country from the Province 1 on June 6 and will set in motion in other parts of the country after a few days. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In its special edition, the division stated that monsoon was expected to arrive on June 13 but its impact will be felt from June 10.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In Nepal, monsoon enters from the eastern part and moves towards the west gradually. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The four-month period from June to September is defined as the monsoon period in South Asia. During this period, Nepal receives 80 percent of annual rainfall. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The division sates that it is continuously monitoring this year’s monsoon system and will update related information accordingly. --RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15149', 'image' => '20220607011106_weather (1).jpg', 'article_date' => '2022-06-07 13:10:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15407', 'article_category_id' => '1', 'title' => 'Cooperatives Lobbying to Lower Income Tax Ceiling', 'sub_title' => '', 'summary' => 'June 7: After the government decided to increase the income tax on the profit of cooperatives by 50 percent, the National Cooperative Federation of Nepal has started pressing the government to withdraw its decision.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">June 7: After the government decided to increase the income tax on the profit of cooperatives by 50 percent, the National Cooperative Federation of Nepal has started pressing the government to withdraw its decision. Issuing a press statement, the federation opposed the income tax hike a day after the government announced the budget for the fiscal year 2022/23/ Officials of the federation met with Finance Minister Janardan Sharma on Monday and demanded tax adjustment as per the Cooperatives Act, 2074 BS.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the Cooperatives Act 2074 BS, the government had made arrangements three years ago to impose 5 percent income tax on cooperatives operating within a municipality, 7 percent for sub-metropolis and 10 percent for metropolis. The government had also announced tax exemption in case of cooperatives operating in rural municipality.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The then Finance Minister Dr Yubaraj Khatiwada had adjusted the tax imposed on cooperatives as per the Cooperatives Act 2074 BS in the budget announced for the fiscal year 2077/76. Earlier, cooperatives were required to pay 20 percent income tax.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Sharma said that cooperatives will be taxed 7.5 percent if they operate in non-taxable areas, 10 percent in sub-metropolitan cities and 15 percent in metropolitan cities effective from the next fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A delegation led by the federation’s president Minraj Kandel argued that the Cooperatives Act has clearly stated the income tax they are required to pay and the income tax should not be increased through the Finance Bill. As per the statement released by the federation, Finance Minister Sharma gave a short response saying that he will interact with the federation after holding discussions. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> “I will inquire with the secretary why it was increased,” the statement quoted the finance minister as saying.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">President of the federation Kandel urged the minister to take this issue seriously. Senior Vice President of the federation and Global Board Member of the International Federation of Cooperatives Om Devi Malla demanded the government to address the issues mentioned in the Act. During the meeting, the federation’s General Manager Chitra Kumari Subba said that the federation pointed out that the error of the government. Subba further said that the federation used to be invited for the discussion of the Revenue Advisory Committee in previous years, but was not invited this year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15148', 'image' => '20220607014144_37763.jpg', 'article_date' => '2022-06-07 13:41:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15405', 'article_category_id' => '266', 'title' => 'Dabur Vatika Miss Nepal Contestants Visit Nursery', 'sub_title' => '', 'summary' => 'June 7: The contestants of Dabur Vatika Miss Nepal 2022 visited Dabur Nepal Nursery in Banepa. During the visit, the contestants said that they got to understand various issues related to environment.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">June 7: The contestants of Dabur Vatika Miss Nepal 2022 visited Dabur Nepal Nursery in Banepa. During the visit, the contestants said that they got to understand various issues related to environment. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The participants of Dabur Vatika Miss Nepal also inspected Dabur Nepal’s greenhouse facility during the visit. Dabur Nepal has been conserving rare and endangered herbs which are used in various products of Dabur.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On the occasion of the World Environment Day, the contestants also planted trees on the premises of Dabur Nepal Nursery on Sunday. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Abhay Gorkhali, head of marketing of Dabur Nepal, said that he was excited to introduce the youth for the conservation of nature and natural species.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15147', 'image' => '20220607125757_1654557340.Clipboard03.jpg', 'article_date' => '2022-06-07 12:57:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15404', 'article_category_id' => '1', 'title' => 'IRD Releases New Tax Rates for Upcoming Fiscal Year ', 'sub_title' => '', 'summary' => 'June 7: The government has changed the income tax rates for the new fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 7: The government has changed the income tax rates for the new fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Following the announcement of the new annual budget by the Minister for Finance on May 29, the Inland Revenue Department (IRD) has released the new tax rates to be paid in the Fiscal Year 2022/23. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the department, an unmarried individual has to pay one percent tax for up to Rs 500,000 income while the married couples will have to pay the same amount of tax for income up to Rs 600,000 per annum. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, both the married and unmarried people are entitled to 10 per cent tax for income between Rs 600,000 to Rs 800,000. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, 20 per cent tax is imposed on income ranging from Rs 800,000 to Rs 1,100,000. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the department, an unmarried person has to pay 20 per cent tax for income between Rs 1 million to Rs 2 million while a couple earning Rs 1.1 million to Rs 2 million has to pay 30 per cent tax. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Furthermore, those earning more than Rs 2 million per annum should pay tax equal to Rs 360,000. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the IRD, an unmarried person having annual income of more than Rs 3 million should pay tax of Rs 745,000 while the married person has to pay Rs 716,000. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The IRD said the provision of one percent tax is not applicable for the taxpayers having their firm registered independently, and the contributors to the pension income, pension fund and the contribution-based Social Security Fund. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15146', 'image' => '20220607115444_Income-Tax-Return.jpg', 'article_date' => '2022-06-07 11:54:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15403', 'article_category_id' => '1', 'title' => 'Government Revokes Decision to Grant Public Holiday on Sundays', 'sub_title' => '', 'summary' => 'June 7: The government has revoked its decision to provide public holiday on Sundays. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 7: The government has revoked its decision to provide public holiday on Sundays. A meeting of the Council of Ministers on Monday (June 6) took a decision to this effect. The new rule will come into effect from June 15.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government had earlier announced two days holiday a week in order to reduce consumption of petroleum products. The government had introduced such provision on a trial basis starting from May 15. However, the government rolled back its decision to grant two days holiday a week after it drew criticism from all quarters. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A writ petition was also filed at the Supreme Court seeking the court’s intervention to annul the government decision to provide public holiday on Sundays. Advocates Santosh Bhandari and Punya Prasad Khatiwada had filed the writ petition at the apex court. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The petitioners had argued that the government’s decision lacked proper research and study and was just a whimsical decision.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Office of the Prime Minister and Council of Ministers and the Ministry of General Administration were made the defendants in the case. However, the case does not hold significance anymore as the government has withdrawn its decision.</span></span></p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15145', 'image' => '20220607111914_lBTmOjxo_400x400.jpg', 'article_date' => '2022-06-07 11:18:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15402', 'article_category_id' => '1', 'title' => 'Budget has Excluded Pressing Issues: Intellectuals', 'sub_title' => '', 'summary' => 'June 6: Speakers from various walks of life have expressed concerns that the budget for the upcoming fiscal year has not addressed the burning issues of the nation.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">June 6: Speakers from various walks of life have expressed concerns that the budget for the upcoming fiscal year has not addressed the burning issues of the nation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Speaking at an interaction of budget for the fiscal year 2079/80 organized recently in the capital, members of the Nepal Intellectuals Association stated that the budget cannot address the problems of the nation as it is not practical.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> Speaking at the program, CPN-UML General Secretary Shankar Pokhrel said that the budget is unable to address the main issues that it is supposed to include. Stating that the country is in a state of economic crisis at present, he stated that the budget has been unable to guide the country in the right direction by facing the current economic crisis.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Pokhrel stated that if the country enters a dire financial crisis, winning the election is meaningless. He also emphasized that economic growth cannot be achieved without increasing the capital expenditure and pointed out the lack of no coordination between the policies and programmes and the budget.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Presenting a paper at the event, economist Prof. Dr. Govind Nepal stated that the budget is focused on the election.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He said that the emphasis on self-reliant economy, agriculture, construction of infrastructure, continuity of old plans, welfare of the people and trying to transform them are good but there are problems in implementation due to the uncertainty of budget resources.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Speaking at the same program, Prof. Dr. Pushpa Raj Kandel, former vice-chairperson of the National Planning Commission, said that the budget is introduced as a means to confuse the people and feed the task forces of parties while focusing on the upcoming election.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Meanwhile, former Vice Chairman of the National Planning Commission Dr. Dinesh Chandra Devkota said that the budget allocated lesser amount for the local levels and the states which are the pillars of federalism.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, economist Dr Dilliraj Khanal said that there is a contradiction between the goal of the budget, the word socialism and the provisions in it. Former member of the Planning Commission Min Bahadur Shahi as well agreed that the budget has been unable to address the issues of socio-economic transformation and ending inequality.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Dr. Yamun Ghale, an agronomist, said that access and control over the source of production is not mentioned in the budget while talking about increasing production and productivity. Ghale added that women should be given access to information, inclusion and technology for climate friendly farming.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Likewise, health sector expert Prof. Dr. Bidhan Nidhi Poudel stated that the previous plans of the health sector have been abandoned recklessly and new programs have been added without any study. Poudel said that the budget failed to understand the misery of the health sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Urban development expert Bipin Chitrakar said that the budget is not realistic and added that the issue of building satellite city and housing has been introduced without any study. Another expert Bidhan Acharya said that the target of revenue collection is totally unrealistic and expressed concern over the decrease in the budget of the health sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former ambassador Dr Nirmal BK said that Dalits and marginalized communities are mentioned at various places but no budget has been allocated for them.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-06', 'modified' => '2022-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '15144', 'image' => '20220606073600_budget new.jpg', 'article_date' => '2022-06-06 19:35:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15401', 'article_category_id' => '1', 'title' => 'Industries in Bara-Parsa Corridor Complain of Poor-Quality Electricity', 'sub_title' => '', 'summary' => 'June 6: Industries of Bara-Parsa Industrial Corridor, which is the main industrial area of the country, have been at the receiving end due to the poor quality of electricity supplied to them. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">June 6: Industries of Bara-Parsa Industrial Corridor, which is the main industrial area of the country, have been at the receiving end due to the poor quality of electricity supplied to them. The industries have been subject to unannounced load-shedding and frequent tripping. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Nepal Electricity Authority claims that the industries of Bara and Parsa have not been subjected to load-shedding. However, industrialists claim that they face power cuts for hours without any prior notice.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">They complain that the frequent tripping of electricity results in damage of raw materials and the quality of electricity they receive is also below the set standard. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Mostly, industries that produce textile, iron, medicines and those that rely on furnace are severely affected by the frequent power cuts, says Madhav Rajpal, chairman of Birgunj Chamber of Commerce.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The raw materials that are being processed get wasted due to the sudden power cuts. It also causes damage to the equipment,” said Rajpal, adding that the electricity consumption also increases when there is frequent power cuts.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">NEA admitted that there is problem of tripping when the demand of electricity is high because the capacity of Birgunj-Parwanipur transmission line is weak. Chief of the Birgunj Distribution Centre of NEA Jitendra Kumar Jha says that the problem of tripping is a result of excessive demand for electricity than the capacity of the transmission line.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Birgunj Chamber of Commerce has drawn the attention of the NEA that the industries have been facing the problem of tripping for 8 to 10 times a day. Issuing a statement on Sunday, the chamber has demanded high quality electricity for the industries.</span></span></p> ', 'published' => true, 'created' => '2022-06-06', 'modified' => '2022-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '15143', 'image' => '20220606053410_Transmission.jpg', 'article_date' => '2022-06-06 17:31:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15400', 'article_category_id' => '1', 'title' => 'Minister Badu Assures of Addressing the Concerns of Industrialists', 'sub_title' => '', 'summary' => 'June 6: Minister for Industry, Commerce and Supplies Dilendra Prasad Badu has said that the problems of the industrial sector will be resolved soon.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 6: Minister for Industry, Commerce and Supplies Dilendra Prasad Badu has said that the problems of the industrial sector will be resolved soon. Minister Badu said that some of the provisions in the budget regarding the industries producing sanitary pads, iron and palm oil would solve address the problems. He said that he would take initiative to this end.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Replying to a question raised by the industrialists at the 49th Annual General Assembly of the Chamber of Industries Morang, Minister Badu said that the problems of sanitary pads, iron and palm oil industries would also be discussed during the deliberations on budget in the parliament. He said that there is still an option to solve the problem as the budget had not been passed yet.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Stating that not only pulses and rice but also vegetables and pickles are being imported, Minister Badu said that the government is ready to cooperate with the private sector for self-reliance. He said that the government should be self-reliant in production through the 'Prime Minister's National Production and Consumption Growth Program'.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Chairman of the chamber Suyash Raj Pyakurel said that import of palm oil for biscuit and noodle industry should be stopped. In addition to this, he also urged the minister to address the problems of the sanitary industry, iron industry and vegetable oil industry.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-06', 'modified' => '2022-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '15142', 'image' => '20220606040612_Chamber of industries morang new.jpg', 'article_date' => '2022-06-06 16:05:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '15414', 'article_category_id' => '1', 'title' => 'Government Uses Force for Waste Management', 'sub_title' => '', 'summary' => 'June 8: The government on Tuesday mobilized police to forcefully remove the obstruction created by the locals of Banchare Danda landfill site where the garbage collected from Kathmandu valley is dumped.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">June 8: The government on Tuesday mobilized police to forcefully remove the obstruction created by the locals of Banchare Danda landfill site where the garbage collected from Kathmandu valley is dumped.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Vehicles carrying garbage from the valley was escorted by police after the Banchare Danda Landfill Site Affected Area Concern Committee stopped the vehicles at the landfill site.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The locals of Banchare Danda stared to protest from Tuesday morning after the government announced to dump garbage as per the agreement reached on Monday night.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Police took Shri Ram Dhungana, the chairman of the committee under control along with two locals by force while they were protesting at Aletar, located between Sisdole and Banchare Danda. SP Ram Prakash Shah of Nuwakot informed that the vehicles stopped at Sisdole were escorted to Banchare Danda.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Garbage disposal has been disrupted time and again due to the protests of the locals. The Ministry of Urban Development reached an agreement with the people's representatives of Sisdole and Banchare Danda on Monday night to remove the obstruction caused by the locals. The MoU states that the landfill site at Sisdole, which has been accumulating garbage of Kathmandu since 17 years, will be closed and turned into a green zone. The two sides had also agreed to determine the affected area of Banchare Danda dumping site for land acquisition.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The land acquisition process of the affected area was supposed to be started within six months on the basis of the environmental impact assessment report of Banchare Danda. The Kathmandu Metropolitan City had earlier conducted an environmental impact assessment of the area affected by the Banchare Danda dumping site by an expert team of NAST. The metropolis also agreed to reveal the report to the public. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the case of Sisdole, the agreement states that the process of closing the dumping site will be started within six months by making a management plan based on the environmental impact assessment report. The letter also mentions that arrangements will be made to prevent the emission of foul smell from Sisdole and Banchare Danda and immediate arrangement will be made for managing the leakage of contaminated water from the garbage of Sisdole.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The commitment letter states that the Ministry of Urban Development will allocate Rs 425 million to construct five different roads in the upcoming fiscal year 2079/80 in areas affected by the Banchare Danda landfill site. In addition, Rs 17 million will be allocated for river control, construction of community buildings and temples and tree planting. The Ministry of Health will be recommended to operate a 10-bed hospital for the residents of the affected areas, and the process of upgrading schools in Sisdole and Banchare Danda areas will also be initiated.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Despite the agreement, the locals continued protest after which the police was mobilized to resume waste management in the area.</span></span></p> <p> </p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong>Waste management issue to the House</strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepali Congress General Secretary and former Minister Gagan Kumar Thapa urged the government to inform the parliament about the recent problems in waste management in the capital. Speaking in the House of Representatives on Tuesday, he urged the Ministry of Urban Development to provide information on the problems in waste management in Kathmandu rather than answering disputes and questions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to him, billions of rupees are needed to fulfill the promises made with the people of Sisdole and Banchare Danda for waste management of Kathmandu metropolis. However, he suggested that some amount could be allocated for this from next year's budget.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, Thapa said that it would be difficult to solve the task of waste management at once. He said that money could be allocated for those places from next year's budget. Referring to some foreign practices, he said that a sustainable solution should be sought for waste management in Kathmandu. He also said that initiatives should be taken to fulfill the promises made earlier.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-08', 'modified' => '2022-06-08', 'keywords' => '', 'description' => '', 'sortorder' => '15156', 'image' => '20220608024027_IMG_20220608_141650.jpg', 'article_date' => '2022-06-08 14:39:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15413', 'article_category_id' => '1', 'title' => 'Banks Tightening Credit Flow despite Increase in Deposit Collection', 'sub_title' => '', 'summary' => 'June 8: Banks, which are under pressure to keep the credit-to-deposit (CD) ratio at 90 percent by mid-July, are pursuing a strategy of reducing credit flow despite an increase in deposit collection.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">June 8: Banks, which are under pressure to keep the credit-to-deposit (CD) ratio at 90 percent by mid-July, are pursuing a strategy of reducing credit flow despite an increase in deposit collection.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the Nepal Bankers Association, credit flow has shrunk despite the increase in deposit collection of banks and financial institutions. Although deposit collection of commercial banks increased by Rs 7 billion in the third week of June, credit flow declined by Rs 2 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> Bank deposits that were drawn out of the banking system due to the local elections have started returning to the banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Despite the increase in deposit collection, banks have adopted a strategy of reducing credit flow. Lately, banks have been blocking the flow of new loans and focusing only on recovery.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the association, the credit flow of banks has decreased by Rs 2 billion in the third week of May as compared to the second week.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Banks have almost stopped the flow of credit as the CD ratio of banks has exceeded the target set by the Nepal Rastra Bank (NRB) due to lack of liquidity. NRB has set a deadline of July for banks and financial institutions to bring the CD ratio within 90 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the association, the average CD ratio of commercial banks is 90.32 percent as of June 30.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> Meanwhile, an agreement has been reached between the Nepal Bankers Association and FinTelect Advisory Services to provide expert services on asset laundering prevention and financial crime compliance. The agreement was signed by Anil Kumar Upadhyay, president of the association and Shirish Pathak, managing director of FinTelect. As per the agreement, FinTelect will conduct webinars and workshops for Nepali bankers on anti-money laundering issue.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> Similarly, it will conduct policy research in collaboration with both the organizations and also give necessary suggestions to the regulator.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"FinTelect, through its highly knowledgeable resources and global advisors, will help Nepal's banking industry effectively and efficiently fight financial investment in money laundering and terrorism," said Managing Director Pathak.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"This cooperation will help increase the knowledge, skills, efficiency and productivity of the employees in the banking sector, especially in the field of anti-money laundering," said Upadhyaya.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> ', 'published' => true, 'created' => '2022-06-08', 'modified' => '2022-06-08', 'keywords' => '', 'description' => '', 'sortorder' => '15155', 'image' => '20220608012758_Banks - Copy.jpg', 'article_date' => '2022-06-08 13:26:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15412', 'article_category_id' => '1', 'title' => 'Stagflation Risk Rises Amid Sharp Slowdown in Growth', 'sub_title' => 'War in Ukraine leading to higher inflation, tighter financial conditions: World Bank Report', 'summary' => 'June 8: The World Bank has warned that the Russian invasion of Ukraine has further troubled the global economy that was struggling to revive from the impacts of Covid-19.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 8: The World Bank has warned that the Russian invasion of Ukraine has further troubled the global economy that was struggling to revive from the impacts of Covid-19.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Compounding the damage from the COVID-19 pandemic, the Russian invasion of Ukraine has magnified the slowdown in the global economy, which is entering what could become a protracted period of feeble growth and elevated inflation,” states the the World Bank’s latest Global Economic Prospects report. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This raises the risk of stagflation, with potentially harmful consequences for middle- and low-income economies alike, added the report. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank, global growth is expected to slump from 5.7 percent in 2021 to 2.9 percent in 2022— significantly lower than 4.1 percent that was anticipated in January. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“It is expected to hover around that pace over 2023-24, as the war in Ukraine disrupts activity, investment, and trade in the near term, pent-up demand fades, and fiscal and monetary policy accommodation is withdrawn.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As a result of the damage from the pandemic and the war, the level of per capita income in developing economies this year will be nearly 5 percent below its pre-pandemic trend. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The war in Ukraine, lockdowns in China, supply-chain disruptions, and the risk of stagflation are hammering growth. For many countries, recession will be hard to avoid,” said World Bank Group President David Malpass, adding, “Markets look forward, so it is urgent to encourage production and avoid trade restrictions. Changes in fiscal, monetary, climate and debt policy are needed to counter capital misallocation and inequality.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Tuesday, the World Bank said that the Global Economic Prospects report of June offers the first systematic assessment of how current global economic conditions compare with the stagflation of the 1970s—with a particular emphasis on how stagflation could affect emerging market and developing economies. The recovery from the stagflation of the 1970s required steep increases in interest rates in major advanced economies, which played a prominent role in triggering a string of financial crises in emerging market and developing economies, added the World Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Developing economies will have to balance the need to ensure fiscal sustainability with the need to mitigate the effects of today’s overlapping crises on their poorest citizens,” said Ayhan Kose, director of the World Bank’s Prospects Group. “Communicating monetary policy decisions clearly, leveraging credible monetary policy frameworks, and protecting central bank independence can effectively anchor inflation expectations and reduce the amount of policy tightening required to achieve the desired effects on inflation and activity.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The current juncture resembles the 1970s in three key aspects: persistent supply-side disturbances fueling inflation, preceded by a protracted period of highly accommodative monetary policy in major advanced economies, prospects for weakening growth, and vulnerabilities that emerging market and developing economies face with respect to the monetary policy tightening that will be needed to rein in inflation. However, the ongoing episode also differs from the 1970s in multiple dimensions: the dollar is strong, a sharp contrast with its severe weakness in the 1970s; the percentage increases in commodity prices are smaller; and the balance sheets of major financial institutions are generally strong, added the World Bank. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">More importantly, unlike the 1970s, central banks in advanced economies and many developing economies now have clear mandates for price stability, and, over the past three decades, they have established a credible track record of achieving their inflation targets. Global inflation is expected to moderate next year but it will likely remain above inflation targets in many economies. The report notes that if inflation remains elevated, a repeat of the resolution of the earlier stagflation episode could translate into a sharp global downturn along with financial crises in some emerging market and developing economies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The report also offers fresh insights on how the war’s effects on energy markets are clouding the global growth outlook. The war in Ukraine has led to a surge in prices across a wide range of energy-related commodities, the World Bank further stated. Higher energy prices will lower real incomes, raise production costs, tighten financial conditions, and constrain macroeconomic policy especially in energy-importing countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Growth in advanced economies is projected to sharply decelerate from 5.1 percent in 2021 to 2.6 percent in 2022— 1.2 percentage point below projections in January. Among emerging market and developing economies, growth is also projected to fall from 6.6 percent in 2021 to 3.4 percent in 2022—well below the annual average of 4.8 percent over 2011-2019. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The negative spillovers from the war will more than offset any near-term boost to some commodity exporters from higher energy prices. Forecasts for 2022 growth have been revised down in nearly 70 percent of EMDEs, including most commodity importing countries as well as four-fifths of low-income countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The report highlights the need for decisive global and national policy action to avert the worst consequences of the war in Ukraine for the global economy. This will involve global efforts to limit the harm to those affected by the war, to cushion the blow from surging oil and food prices, to speed up debt relief, and to expand vaccinations in low-income countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It will also involve vigorous supply responses at the national level while keeping global commodity markets functioning well. The report suggests that policymakers, moreover, should refrain from distortionary policies such as price controls, subsidies, and export bans, which could worsen the recent increase in commodity prices. Against the challenging backdrop of higher inflation, weaker growth, tighter financial conditions, and limited fiscal policy space, governments will need to reprioritize spending toward targeted relief for vulnerable populations, added the World Bank report.</span></span></p> ', 'published' => true, 'created' => '2022-06-08', 'modified' => '2022-06-08', 'keywords' => '', 'description' => '', 'sortorder' => '15154', 'image' => '20220608121128_World.jpg', 'article_date' => '2022-06-08 12:10:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15411', 'article_category_id' => '1', 'title' => 'NATTA Urges NRB to bring Tourism Entrepreneur-Friendly Policy', 'sub_title' => '', 'summary' => 'June 8: Nepal Association of Tour and Travels Agents (NATTA) has urged Nepal Rastra Bank (NRB), the central bank of Nepal, to bring tourism entrepreneur-friendly monetary policy.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">June 8: Nepal Association of Tour and Travels Agents (NATTA) has urged Nepal Rastra Bank (NRB), the central bank of Nepal, to bring tourism entrepreneur-friendly monetary policy. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">A delegation headed by NATTA Chairperson Ramesh Thapa on Tuesday called on NRB Governor Maha Prasad Adhikari and urged him to introduce monetary policy that is capable of restoring the pandemic-battered tourism entrepreneurship. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The association put forth its demand to continue re-financing provision for five years so as to revitalize the ailing tourism industry. At a time when the pandemic-hit tourism industry was gradually recovering, the central bank-imposed changes in re-financing work procedure had negatively impacted the entire industry, the delegation told Governor Adhikari. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“NATTA submitted the concern and pressing issues of travel and tourism trade and requested for necessary policy intervention for tourism business promotion. It was a fruitful meeting with the Governor,” NATTA wrote on its Facebook page on Tuesday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Other demands put forward by the association include creating environment for re-payment without fine, arrangement of 'cash back incentive' and easy loan flow to tourism sector. The association urged the governor to consider their demands as the tourism entrepreneurs are not in a condition to repay the bank loans on time due to unprecedented impacts of COVID-19. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to NATTA, NRB governor assured to try his best to address the issues. (With inputs from RSS)</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-08', 'modified' => '2022-06-08', 'keywords' => '', 'description' => '', 'sortorder' => '15153', 'image' => '20220608114557_286182537_8130877560259337_6765808476789914932_n.jpg', 'article_date' => '2022-06-08 11:44:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15410', 'article_category_id' => '1', 'title' => 'Technical Committee for Revival of Tourism Dissolved ', 'sub_title' => '', 'summary' => 'June 7: A technical committee formed by the Ministry of Culture, Tourism and Civil Aviation for the revival of tourism industry has been dissolved. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 7: A technical committee formed by the Ministry of Culture, Tourism and Civil Aviation for the revival of tourism industry has been dissolved. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The committee formed under the coordination of Rajaram Giri on January 16, 2022 was dissolved through a ministerial-level decision. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The ministry dismissed the committee after it submitted a report on May 3, informed Hemant Regmi, personal secretary of Tourism Minister Prem Bahadur Ale. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 12-member committee was formed under the coordination of an entrepreneur Giri in order to provide policy-level suggestions to seek new potential for the tourism industry of Nepal. A 24-member board of directors under chairmanship of Minister Ale was also formed to oversee the revival committee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Ministry of Culture, Tourism and Civil Aviation, both the committees have been dissolved. The ministry further said that the advice and suggestion of the report would be implemented. -- RSS </span><br /> </span></span></p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15152', 'image' => '20220607074621_Tourist.jpg', 'article_date' => '2022-06-07 19:45:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15409', 'article_category_id' => '1', 'title' => 'Sharma & Company, IME Group Resume Construction of Cable Car and Hotel', 'sub_title' => '', 'summary' => 'June 7: Two reputed business houses of Nepal have resumed the construction of cable cars and star hotels, which was halted due to the Covid 19 pandemic. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 7: Two reputed business houses of Nepal have resumed the construction of cable cars and star hotels, which was halted due to the Covid 19 pandemic. Construction of Butwal-Palpa cable car and hotel is underway with the joint investment of more than Rs 4 billion of Sharma & Company and IME Group.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Although the construction of the first phase of the three-kilometer long cable car started three months ago, the construction of a five-star hotel is set to start from September. Sharma & Company, a successful construction company, has invested 50 percent in the project and started a hotel and cable car for the first time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Meanwhile, the IME Group, which has established itself as a successful company in the banking and remittance sector, has 50 per cent investment in the project.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Ramesh Sharma, chairman of Sharma & Company, said that his company and the IME Group, which operates cable cars and resorts in Chandragiri, Kathmandu, had moved ahead with the project which was halted due to coronavirus pandemic. "The cable car structure has been under construction for three months now," Sharma said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Sharma informed that they have already set up six out of the nine towers of the cable car. The company stated that all the cable car towers will be fixed by mid-July. The starting point of the cable car will be Butwal's Bamghat, Chidiyakhola and the last stop will be Basantapur Danda of Palpa. Sharma said that the construction of the cable car and the process of purchasing coaches will be expedited from next April.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The cable car will have 24 compartments. Two of them will be carrying luggages. Following the success of cable car and resort operation in Chandragiri, IME Group and Sharma & Company have followed the same modality and started the project of running hotel and Butwal-Basantapur cable car in Basantapur of Palpa. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to Sharma, the hotel will take another two to three years to come into operation.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">After the operation of the cable car, the second phase will focus on building five-star hotel and lodges and also halls and restaurants for holding conventions.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Sharma informed that about 30 ropanis of land has been purchased for the purpose. "There are plans to add another 30 ropanis," Sharma said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The company is targeting both internal and external tourists. Investors say such tourism infrastructure needs to be built to develop MICE tourism and hill stations.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Basantapur hill, a few kilometers away from Butwal, is considered to be an ideal place for escaping the high temperature of Butwal and Bhairahawa. Investors believe that this place can become a favourite choice of domestic and foreign tourists after the construction of cable car.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Similarly, the second international airport, Gautam Buddha, and the Pokhara Regional International Airport, which is under construction, are also aimed at making Palpa a preferred choice and a hill station style destination for tourists, Sharma said.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15151', 'image' => '20220607061948_20210211021226_index.jpg', 'article_date' => '2022-06-07 18:19:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15408', 'article_category_id' => '1', 'title' => 'Clean Mountain Campaign Concludes', 'sub_title' => '', 'summary' => 'June 7: The Nepalese Army has completed the Clean Mountain Campaign 2022 this year.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 7: The Nepalese Army has completed the Clean Mountain Campaign 2022 this year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">This was the third edition of the clean-up campaign initiated by the Nepalese Army in coordination with Rotary Club of Nagarjun and various donor agencies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Under this campaign, the Nepalese Army collected as much as 33,800 tonnes of waste from four mountains including Mt Everest, Mt Lhotse, Mt Kanchanjunga and Mt Manaslu. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The solid waste brought down from the mountains comprised of 7,227 kilograms of biodegradable matter and remaining were non-biodegradable, the Nepalese Army informed.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The cleaning team reportedly collected skeleton of two humans from Mt Kanchenjunga. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The cleaning team included 30 army personnel and 48 Sherpas as support staff. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The campaign that kicked off on March 5 concluded on the World Environment Day on Sunday. During the closing ceremony, Chief of Army Staff (CoAS) General Prabhu Ram Sharma said that it was the supreme duty of humans to maintain environmental balance in the face on growing environmental degradation. The army chief distributed </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">letter of appreciation to the members of the cleaning campaign, supporting agencies and support staff. </span></span></span></p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15150', 'image' => '20220607050756_1654558012.Clipboard07.jpg', 'article_date' => '2022-06-07 17:07:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15406', 'article_category_id' => '1', 'title' => 'Meteorological Division Confirms Early Onset of Monsoon this Year ', 'sub_title' => '', 'summary' => 'June 7: This year, monsoon entered Nepal before the tentative date for its arrival, according to the Meteorological Forecasting Division under the Department of Hydrology and Meteorology. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 7: This year, monsoon entered Nepal before the tentative date for its arrival, according to the Meteorological Forecasting Division under the Department of Hydrology and Meteorology. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The division in its special weather bulletin on Monday afternoon confirmed that monsoon made its entry in the country from the Province 1 on June 6 and will set in motion in other parts of the country after a few days. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In its special edition, the division stated that monsoon was expected to arrive on June 13 but its impact will be felt from June 10.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In Nepal, monsoon enters from the eastern part and moves towards the west gradually. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The four-month period from June to September is defined as the monsoon period in South Asia. During this period, Nepal receives 80 percent of annual rainfall. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The division sates that it is continuously monitoring this year’s monsoon system and will update related information accordingly. --RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15149', 'image' => '20220607011106_weather (1).jpg', 'article_date' => '2022-06-07 13:10:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15407', 'article_category_id' => '1', 'title' => 'Cooperatives Lobbying to Lower Income Tax Ceiling', 'sub_title' => '', 'summary' => 'June 7: After the government decided to increase the income tax on the profit of cooperatives by 50 percent, the National Cooperative Federation of Nepal has started pressing the government to withdraw its decision.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">June 7: After the government decided to increase the income tax on the profit of cooperatives by 50 percent, the National Cooperative Federation of Nepal has started pressing the government to withdraw its decision. Issuing a press statement, the federation opposed the income tax hike a day after the government announced the budget for the fiscal year 2022/23/ Officials of the federation met with Finance Minister Janardan Sharma on Monday and demanded tax adjustment as per the Cooperatives Act, 2074 BS.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the Cooperatives Act 2074 BS, the government had made arrangements three years ago to impose 5 percent income tax on cooperatives operating within a municipality, 7 percent for sub-metropolis and 10 percent for metropolis. The government had also announced tax exemption in case of cooperatives operating in rural municipality.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The then Finance Minister Dr Yubaraj Khatiwada had adjusted the tax imposed on cooperatives as per the Cooperatives Act 2074 BS in the budget announced for the fiscal year 2077/76. Earlier, cooperatives were required to pay 20 percent income tax.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Sharma said that cooperatives will be taxed 7.5 percent if they operate in non-taxable areas, 10 percent in sub-metropolitan cities and 15 percent in metropolitan cities effective from the next fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A delegation led by the federation’s president Minraj Kandel argued that the Cooperatives Act has clearly stated the income tax they are required to pay and the income tax should not be increased through the Finance Bill. As per the statement released by the federation, Finance Minister Sharma gave a short response saying that he will interact with the federation after holding discussions. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> “I will inquire with the secretary why it was increased,” the statement quoted the finance minister as saying.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">President of the federation Kandel urged the minister to take this issue seriously. Senior Vice President of the federation and Global Board Member of the International Federation of Cooperatives Om Devi Malla demanded the government to address the issues mentioned in the Act. During the meeting, the federation’s General Manager Chitra Kumari Subba said that the federation pointed out that the error of the government. Subba further said that the federation used to be invited for the discussion of the Revenue Advisory Committee in previous years, but was not invited this year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15148', 'image' => '20220607014144_37763.jpg', 'article_date' => '2022-06-07 13:41:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15405', 'article_category_id' => '266', 'title' => 'Dabur Vatika Miss Nepal Contestants Visit Nursery', 'sub_title' => '', 'summary' => 'June 7: The contestants of Dabur Vatika Miss Nepal 2022 visited Dabur Nepal Nursery in Banepa. During the visit, the contestants said that they got to understand various issues related to environment.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">June 7: The contestants of Dabur Vatika Miss Nepal 2022 visited Dabur Nepal Nursery in Banepa. During the visit, the contestants said that they got to understand various issues related to environment. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The participants of Dabur Vatika Miss Nepal also inspected Dabur Nepal’s greenhouse facility during the visit. Dabur Nepal has been conserving rare and endangered herbs which are used in various products of Dabur.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On the occasion of the World Environment Day, the contestants also planted trees on the premises of Dabur Nepal Nursery on Sunday. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Abhay Gorkhali, head of marketing of Dabur Nepal, said that he was excited to introduce the youth for the conservation of nature and natural species.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15147', 'image' => '20220607125757_1654557340.Clipboard03.jpg', 'article_date' => '2022-06-07 12:57:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15404', 'article_category_id' => '1', 'title' => 'IRD Releases New Tax Rates for Upcoming Fiscal Year ', 'sub_title' => '', 'summary' => 'June 7: The government has changed the income tax rates for the new fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 7: The government has changed the income tax rates for the new fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Following the announcement of the new annual budget by the Minister for Finance on May 29, the Inland Revenue Department (IRD) has released the new tax rates to be paid in the Fiscal Year 2022/23. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the department, an unmarried individual has to pay one percent tax for up to Rs 500,000 income while the married couples will have to pay the same amount of tax for income up to Rs 600,000 per annum. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, both the married and unmarried people are entitled to 10 per cent tax for income between Rs 600,000 to Rs 800,000. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, 20 per cent tax is imposed on income ranging from Rs 800,000 to Rs 1,100,000. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the department, an unmarried person has to pay 20 per cent tax for income between Rs 1 million to Rs 2 million while a couple earning Rs 1.1 million to Rs 2 million has to pay 30 per cent tax. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Furthermore, those earning more than Rs 2 million per annum should pay tax equal to Rs 360,000. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the IRD, an unmarried person having annual income of more than Rs 3 million should pay tax of Rs 745,000 while the married person has to pay Rs 716,000. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The IRD said the provision of one percent tax is not applicable for the taxpayers having their firm registered independently, and the contributors to the pension income, pension fund and the contribution-based Social Security Fund. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15146', 'image' => '20220607115444_Income-Tax-Return.jpg', 'article_date' => '2022-06-07 11:54:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15403', 'article_category_id' => '1', 'title' => 'Government Revokes Decision to Grant Public Holiday on Sundays', 'sub_title' => '', 'summary' => 'June 7: The government has revoked its decision to provide public holiday on Sundays. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 7: The government has revoked its decision to provide public holiday on Sundays. A meeting of the Council of Ministers on Monday (June 6) took a decision to this effect. The new rule will come into effect from June 15.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government had earlier announced two days holiday a week in order to reduce consumption of petroleum products. The government had introduced such provision on a trial basis starting from May 15. However, the government rolled back its decision to grant two days holiday a week after it drew criticism from all quarters. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A writ petition was also filed at the Supreme Court seeking the court’s intervention to annul the government decision to provide public holiday on Sundays. Advocates Santosh Bhandari and Punya Prasad Khatiwada had filed the writ petition at the apex court. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The petitioners had argued that the government’s decision lacked proper research and study and was just a whimsical decision.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Office of the Prime Minister and Council of Ministers and the Ministry of General Administration were made the defendants in the case. However, the case does not hold significance anymore as the government has withdrawn its decision.</span></span></p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15145', 'image' => '20220607111914_lBTmOjxo_400x400.jpg', 'article_date' => '2022-06-07 11:18:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15402', 'article_category_id' => '1', 'title' => 'Budget has Excluded Pressing Issues: Intellectuals', 'sub_title' => '', 'summary' => 'June 6: Speakers from various walks of life have expressed concerns that the budget for the upcoming fiscal year has not addressed the burning issues of the nation.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">June 6: Speakers from various walks of life have expressed concerns that the budget for the upcoming fiscal year has not addressed the burning issues of the nation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Speaking at an interaction of budget for the fiscal year 2079/80 organized recently in the capital, members of the Nepal Intellectuals Association stated that the budget cannot address the problems of the nation as it is not practical.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> Speaking at the program, CPN-UML General Secretary Shankar Pokhrel said that the budget is unable to address the main issues that it is supposed to include. Stating that the country is in a state of economic crisis at present, he stated that the budget has been unable to guide the country in the right direction by facing the current economic crisis.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Pokhrel stated that if the country enters a dire financial crisis, winning the election is meaningless. He also emphasized that economic growth cannot be achieved without increasing the capital expenditure and pointed out the lack of no coordination between the policies and programmes and the budget.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Presenting a paper at the event, economist Prof. Dr. Govind Nepal stated that the budget is focused on the election.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He said that the emphasis on self-reliant economy, agriculture, construction of infrastructure, continuity of old plans, welfare of the people and trying to transform them are good but there are problems in implementation due to the uncertainty of budget resources.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Speaking at the same program, Prof. Dr. Pushpa Raj Kandel, former vice-chairperson of the National Planning Commission, said that the budget is introduced as a means to confuse the people and feed the task forces of parties while focusing on the upcoming election.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Meanwhile, former Vice Chairman of the National Planning Commission Dr. Dinesh Chandra Devkota said that the budget allocated lesser amount for the local levels and the states which are the pillars of federalism.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, economist Dr Dilliraj Khanal said that there is a contradiction between the goal of the budget, the word socialism and the provisions in it. Former member of the Planning Commission Min Bahadur Shahi as well agreed that the budget has been unable to address the issues of socio-economic transformation and ending inequality.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Dr. Yamun Ghale, an agronomist, said that access and control over the source of production is not mentioned in the budget while talking about increasing production and productivity. Ghale added that women should be given access to information, inclusion and technology for climate friendly farming.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Likewise, health sector expert Prof. Dr. Bidhan Nidhi Poudel stated that the previous plans of the health sector have been abandoned recklessly and new programs have been added without any study. Poudel said that the budget failed to understand the misery of the health sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Urban development expert Bipin Chitrakar said that the budget is not realistic and added that the issue of building satellite city and housing has been introduced without any study. Another expert Bidhan Acharya said that the target of revenue collection is totally unrealistic and expressed concern over the decrease in the budget of the health sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former ambassador Dr Nirmal BK said that Dalits and marginalized communities are mentioned at various places but no budget has been allocated for them.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-06', 'modified' => '2022-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '15144', 'image' => '20220606073600_budget new.jpg', 'article_date' => '2022-06-06 19:35:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15401', 'article_category_id' => '1', 'title' => 'Industries in Bara-Parsa Corridor Complain of Poor-Quality Electricity', 'sub_title' => '', 'summary' => 'June 6: Industries of Bara-Parsa Industrial Corridor, which is the main industrial area of the country, have been at the receiving end due to the poor quality of electricity supplied to them. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">June 6: Industries of Bara-Parsa Industrial Corridor, which is the main industrial area of the country, have been at the receiving end due to the poor quality of electricity supplied to them. The industries have been subject to unannounced load-shedding and frequent tripping. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Nepal Electricity Authority claims that the industries of Bara and Parsa have not been subjected to load-shedding. However, industrialists claim that they face power cuts for hours without any prior notice.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">They complain that the frequent tripping of electricity results in damage of raw materials and the quality of electricity they receive is also below the set standard. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Mostly, industries that produce textile, iron, medicines and those that rely on furnace are severely affected by the frequent power cuts, says Madhav Rajpal, chairman of Birgunj Chamber of Commerce.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The raw materials that are being processed get wasted due to the sudden power cuts. It also causes damage to the equipment,” said Rajpal, adding that the electricity consumption also increases when there is frequent power cuts.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">NEA admitted that there is problem of tripping when the demand of electricity is high because the capacity of Birgunj-Parwanipur transmission line is weak. Chief of the Birgunj Distribution Centre of NEA Jitendra Kumar Jha says that the problem of tripping is a result of excessive demand for electricity than the capacity of the transmission line.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Birgunj Chamber of Commerce has drawn the attention of the NEA that the industries have been facing the problem of tripping for 8 to 10 times a day. Issuing a statement on Sunday, the chamber has demanded high quality electricity for the industries.</span></span></p> ', 'published' => true, 'created' => '2022-06-06', 'modified' => '2022-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '15143', 'image' => '20220606053410_Transmission.jpg', 'article_date' => '2022-06-06 17:31:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15400', 'article_category_id' => '1', 'title' => 'Minister Badu Assures of Addressing the Concerns of Industrialists', 'sub_title' => '', 'summary' => 'June 6: Minister for Industry, Commerce and Supplies Dilendra Prasad Badu has said that the problems of the industrial sector will be resolved soon.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 6: Minister for Industry, Commerce and Supplies Dilendra Prasad Badu has said that the problems of the industrial sector will be resolved soon. Minister Badu said that some of the provisions in the budget regarding the industries producing sanitary pads, iron and palm oil would solve address the problems. He said that he would take initiative to this end.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Replying to a question raised by the industrialists at the 49th Annual General Assembly of the Chamber of Industries Morang, Minister Badu said that the problems of sanitary pads, iron and palm oil industries would also be discussed during the deliberations on budget in the parliament. He said that there is still an option to solve the problem as the budget had not been passed yet.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Stating that not only pulses and rice but also vegetables and pickles are being imported, Minister Badu said that the government is ready to cooperate with the private sector for self-reliance. He said that the government should be self-reliant in production through the 'Prime Minister's National Production and Consumption Growth Program'.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Chairman of the chamber Suyash Raj Pyakurel said that import of palm oil for biscuit and noodle industry should be stopped. In addition to this, he also urged the minister to address the problems of the sanitary industry, iron industry and vegetable oil industry.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-06', 'modified' => '2022-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '15142', 'image' => '20220606040612_Chamber of industries morang new.jpg', 'article_date' => '2022-06-06 16:05:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '15414', 'article_category_id' => '1', 'title' => 'Government Uses Force for Waste Management', 'sub_title' => '', 'summary' => 'June 8: The government on Tuesday mobilized police to forcefully remove the obstruction created by the locals of Banchare Danda landfill site where the garbage collected from Kathmandu valley is dumped.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">June 8: The government on Tuesday mobilized police to forcefully remove the obstruction created by the locals of Banchare Danda landfill site where the garbage collected from Kathmandu valley is dumped.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Vehicles carrying garbage from the valley was escorted by police after the Banchare Danda Landfill Site Affected Area Concern Committee stopped the vehicles at the landfill site.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The locals of Banchare Danda stared to protest from Tuesday morning after the government announced to dump garbage as per the agreement reached on Monday night.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Police took Shri Ram Dhungana, the chairman of the committee under control along with two locals by force while they were protesting at Aletar, located between Sisdole and Banchare Danda. SP Ram Prakash Shah of Nuwakot informed that the vehicles stopped at Sisdole were escorted to Banchare Danda.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Garbage disposal has been disrupted time and again due to the protests of the locals. The Ministry of Urban Development reached an agreement with the people's representatives of Sisdole and Banchare Danda on Monday night to remove the obstruction caused by the locals. The MoU states that the landfill site at Sisdole, which has been accumulating garbage of Kathmandu since 17 years, will be closed and turned into a green zone. The two sides had also agreed to determine the affected area of Banchare Danda dumping site for land acquisition.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The land acquisition process of the affected area was supposed to be started within six months on the basis of the environmental impact assessment report of Banchare Danda. The Kathmandu Metropolitan City had earlier conducted an environmental impact assessment of the area affected by the Banchare Danda dumping site by an expert team of NAST. The metropolis also agreed to reveal the report to the public. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the case of Sisdole, the agreement states that the process of closing the dumping site will be started within six months by making a management plan based on the environmental impact assessment report. The letter also mentions that arrangements will be made to prevent the emission of foul smell from Sisdole and Banchare Danda and immediate arrangement will be made for managing the leakage of contaminated water from the garbage of Sisdole.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The commitment letter states that the Ministry of Urban Development will allocate Rs 425 million to construct five different roads in the upcoming fiscal year 2079/80 in areas affected by the Banchare Danda landfill site. In addition, Rs 17 million will be allocated for river control, construction of community buildings and temples and tree planting. The Ministry of Health will be recommended to operate a 10-bed hospital for the residents of the affected areas, and the process of upgrading schools in Sisdole and Banchare Danda areas will also be initiated.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Despite the agreement, the locals continued protest after which the police was mobilized to resume waste management in the area.</span></span></p> <p> </p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong>Waste management issue to the House</strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepali Congress General Secretary and former Minister Gagan Kumar Thapa urged the government to inform the parliament about the recent problems in waste management in the capital. Speaking in the House of Representatives on Tuesday, he urged the Ministry of Urban Development to provide information on the problems in waste management in Kathmandu rather than answering disputes and questions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to him, billions of rupees are needed to fulfill the promises made with the people of Sisdole and Banchare Danda for waste management of Kathmandu metropolis. However, he suggested that some amount could be allocated for this from next year's budget.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, Thapa said that it would be difficult to solve the task of waste management at once. He said that money could be allocated for those places from next year's budget. Referring to some foreign practices, he said that a sustainable solution should be sought for waste management in Kathmandu. He also said that initiatives should be taken to fulfill the promises made earlier.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-08', 'modified' => '2022-06-08', 'keywords' => '', 'description' => '', 'sortorder' => '15156', 'image' => '20220608024027_IMG_20220608_141650.jpg', 'article_date' => '2022-06-08 14:39:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15413', 'article_category_id' => '1', 'title' => 'Banks Tightening Credit Flow despite Increase in Deposit Collection', 'sub_title' => '', 'summary' => 'June 8: Banks, which are under pressure to keep the credit-to-deposit (CD) ratio at 90 percent by mid-July, are pursuing a strategy of reducing credit flow despite an increase in deposit collection.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">June 8: Banks, which are under pressure to keep the credit-to-deposit (CD) ratio at 90 percent by mid-July, are pursuing a strategy of reducing credit flow despite an increase in deposit collection.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the Nepal Bankers Association, credit flow has shrunk despite the increase in deposit collection of banks and financial institutions. Although deposit collection of commercial banks increased by Rs 7 billion in the third week of June, credit flow declined by Rs 2 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> Bank deposits that were drawn out of the banking system due to the local elections have started returning to the banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Despite the increase in deposit collection, banks have adopted a strategy of reducing credit flow. Lately, banks have been blocking the flow of new loans and focusing only on recovery.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the association, the credit flow of banks has decreased by Rs 2 billion in the third week of May as compared to the second week.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Banks have almost stopped the flow of credit as the CD ratio of banks has exceeded the target set by the Nepal Rastra Bank (NRB) due to lack of liquidity. NRB has set a deadline of July for banks and financial institutions to bring the CD ratio within 90 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the association, the average CD ratio of commercial banks is 90.32 percent as of June 30.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> Meanwhile, an agreement has been reached between the Nepal Bankers Association and FinTelect Advisory Services to provide expert services on asset laundering prevention and financial crime compliance. The agreement was signed by Anil Kumar Upadhyay, president of the association and Shirish Pathak, managing director of FinTelect. As per the agreement, FinTelect will conduct webinars and workshops for Nepali bankers on anti-money laundering issue.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> Similarly, it will conduct policy research in collaboration with both the organizations and also give necessary suggestions to the regulator.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"FinTelect, through its highly knowledgeable resources and global advisors, will help Nepal's banking industry effectively and efficiently fight financial investment in money laundering and terrorism," said Managing Director Pathak.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"This cooperation will help increase the knowledge, skills, efficiency and productivity of the employees in the banking sector, especially in the field of anti-money laundering," said Upadhyaya.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> ', 'published' => true, 'created' => '2022-06-08', 'modified' => '2022-06-08', 'keywords' => '', 'description' => '', 'sortorder' => '15155', 'image' => '20220608012758_Banks - Copy.jpg', 'article_date' => '2022-06-08 13:26:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15412', 'article_category_id' => '1', 'title' => 'Stagflation Risk Rises Amid Sharp Slowdown in Growth', 'sub_title' => 'War in Ukraine leading to higher inflation, tighter financial conditions: World Bank Report', 'summary' => 'June 8: The World Bank has warned that the Russian invasion of Ukraine has further troubled the global economy that was struggling to revive from the impacts of Covid-19.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 8: The World Bank has warned that the Russian invasion of Ukraine has further troubled the global economy that was struggling to revive from the impacts of Covid-19.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Compounding the damage from the COVID-19 pandemic, the Russian invasion of Ukraine has magnified the slowdown in the global economy, which is entering what could become a protracted period of feeble growth and elevated inflation,” states the the World Bank’s latest Global Economic Prospects report. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This raises the risk of stagflation, with potentially harmful consequences for middle- and low-income economies alike, added the report. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank, global growth is expected to slump from 5.7 percent in 2021 to 2.9 percent in 2022— significantly lower than 4.1 percent that was anticipated in January. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“It is expected to hover around that pace over 2023-24, as the war in Ukraine disrupts activity, investment, and trade in the near term, pent-up demand fades, and fiscal and monetary policy accommodation is withdrawn.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As a result of the damage from the pandemic and the war, the level of per capita income in developing economies this year will be nearly 5 percent below its pre-pandemic trend. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The war in Ukraine, lockdowns in China, supply-chain disruptions, and the risk of stagflation are hammering growth. For many countries, recession will be hard to avoid,” said World Bank Group President David Malpass, adding, “Markets look forward, so it is urgent to encourage production and avoid trade restrictions. Changes in fiscal, monetary, climate and debt policy are needed to counter capital misallocation and inequality.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Tuesday, the World Bank said that the Global Economic Prospects report of June offers the first systematic assessment of how current global economic conditions compare with the stagflation of the 1970s—with a particular emphasis on how stagflation could affect emerging market and developing economies. The recovery from the stagflation of the 1970s required steep increases in interest rates in major advanced economies, which played a prominent role in triggering a string of financial crises in emerging market and developing economies, added the World Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Developing economies will have to balance the need to ensure fiscal sustainability with the need to mitigate the effects of today’s overlapping crises on their poorest citizens,” said Ayhan Kose, director of the World Bank’s Prospects Group. “Communicating monetary policy decisions clearly, leveraging credible monetary policy frameworks, and protecting central bank independence can effectively anchor inflation expectations and reduce the amount of policy tightening required to achieve the desired effects on inflation and activity.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The current juncture resembles the 1970s in three key aspects: persistent supply-side disturbances fueling inflation, preceded by a protracted period of highly accommodative monetary policy in major advanced economies, prospects for weakening growth, and vulnerabilities that emerging market and developing economies face with respect to the monetary policy tightening that will be needed to rein in inflation. However, the ongoing episode also differs from the 1970s in multiple dimensions: the dollar is strong, a sharp contrast with its severe weakness in the 1970s; the percentage increases in commodity prices are smaller; and the balance sheets of major financial institutions are generally strong, added the World Bank. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">More importantly, unlike the 1970s, central banks in advanced economies and many developing economies now have clear mandates for price stability, and, over the past three decades, they have established a credible track record of achieving their inflation targets. Global inflation is expected to moderate next year but it will likely remain above inflation targets in many economies. The report notes that if inflation remains elevated, a repeat of the resolution of the earlier stagflation episode could translate into a sharp global downturn along with financial crises in some emerging market and developing economies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The report also offers fresh insights on how the war’s effects on energy markets are clouding the global growth outlook. The war in Ukraine has led to a surge in prices across a wide range of energy-related commodities, the World Bank further stated. Higher energy prices will lower real incomes, raise production costs, tighten financial conditions, and constrain macroeconomic policy especially in energy-importing countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Growth in advanced economies is projected to sharply decelerate from 5.1 percent in 2021 to 2.6 percent in 2022— 1.2 percentage point below projections in January. Among emerging market and developing economies, growth is also projected to fall from 6.6 percent in 2021 to 3.4 percent in 2022—well below the annual average of 4.8 percent over 2011-2019. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The negative spillovers from the war will more than offset any near-term boost to some commodity exporters from higher energy prices. Forecasts for 2022 growth have been revised down in nearly 70 percent of EMDEs, including most commodity importing countries as well as four-fifths of low-income countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The report highlights the need for decisive global and national policy action to avert the worst consequences of the war in Ukraine for the global economy. This will involve global efforts to limit the harm to those affected by the war, to cushion the blow from surging oil and food prices, to speed up debt relief, and to expand vaccinations in low-income countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It will also involve vigorous supply responses at the national level while keeping global commodity markets functioning well. The report suggests that policymakers, moreover, should refrain from distortionary policies such as price controls, subsidies, and export bans, which could worsen the recent increase in commodity prices. Against the challenging backdrop of higher inflation, weaker growth, tighter financial conditions, and limited fiscal policy space, governments will need to reprioritize spending toward targeted relief for vulnerable populations, added the World Bank report.</span></span></p> ', 'published' => true, 'created' => '2022-06-08', 'modified' => '2022-06-08', 'keywords' => '', 'description' => '', 'sortorder' => '15154', 'image' => '20220608121128_World.jpg', 'article_date' => '2022-06-08 12:10:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15411', 'article_category_id' => '1', 'title' => 'NATTA Urges NRB to bring Tourism Entrepreneur-Friendly Policy', 'sub_title' => '', 'summary' => 'June 8: Nepal Association of Tour and Travels Agents (NATTA) has urged Nepal Rastra Bank (NRB), the central bank of Nepal, to bring tourism entrepreneur-friendly monetary policy.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">June 8: Nepal Association of Tour and Travels Agents (NATTA) has urged Nepal Rastra Bank (NRB), the central bank of Nepal, to bring tourism entrepreneur-friendly monetary policy. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">A delegation headed by NATTA Chairperson Ramesh Thapa on Tuesday called on NRB Governor Maha Prasad Adhikari and urged him to introduce monetary policy that is capable of restoring the pandemic-battered tourism entrepreneurship. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The association put forth its demand to continue re-financing provision for five years so as to revitalize the ailing tourism industry. At a time when the pandemic-hit tourism industry was gradually recovering, the central bank-imposed changes in re-financing work procedure had negatively impacted the entire industry, the delegation told Governor Adhikari. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“NATTA submitted the concern and pressing issues of travel and tourism trade and requested for necessary policy intervention for tourism business promotion. It was a fruitful meeting with the Governor,” NATTA wrote on its Facebook page on Tuesday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Other demands put forward by the association include creating environment for re-payment without fine, arrangement of 'cash back incentive' and easy loan flow to tourism sector. The association urged the governor to consider their demands as the tourism entrepreneurs are not in a condition to repay the bank loans on time due to unprecedented impacts of COVID-19. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to NATTA, NRB governor assured to try his best to address the issues. (With inputs from RSS)</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-08', 'modified' => '2022-06-08', 'keywords' => '', 'description' => '', 'sortorder' => '15153', 'image' => '20220608114557_286182537_8130877560259337_6765808476789914932_n.jpg', 'article_date' => '2022-06-08 11:44:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15410', 'article_category_id' => '1', 'title' => 'Technical Committee for Revival of Tourism Dissolved ', 'sub_title' => '', 'summary' => 'June 7: A technical committee formed by the Ministry of Culture, Tourism and Civil Aviation for the revival of tourism industry has been dissolved. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 7: A technical committee formed by the Ministry of Culture, Tourism and Civil Aviation for the revival of tourism industry has been dissolved. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The committee formed under the coordination of Rajaram Giri on January 16, 2022 was dissolved through a ministerial-level decision. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The ministry dismissed the committee after it submitted a report on May 3, informed Hemant Regmi, personal secretary of Tourism Minister Prem Bahadur Ale. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 12-member committee was formed under the coordination of an entrepreneur Giri in order to provide policy-level suggestions to seek new potential for the tourism industry of Nepal. A 24-member board of directors under chairmanship of Minister Ale was also formed to oversee the revival committee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Ministry of Culture, Tourism and Civil Aviation, both the committees have been dissolved. The ministry further said that the advice and suggestion of the report would be implemented. -- RSS </span><br /> </span></span></p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15152', 'image' => '20220607074621_Tourist.jpg', 'article_date' => '2022-06-07 19:45:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15409', 'article_category_id' => '1', 'title' => 'Sharma & Company, IME Group Resume Construction of Cable Car and Hotel', 'sub_title' => '', 'summary' => 'June 7: Two reputed business houses of Nepal have resumed the construction of cable cars and star hotels, which was halted due to the Covid 19 pandemic. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 7: Two reputed business houses of Nepal have resumed the construction of cable cars and star hotels, which was halted due to the Covid 19 pandemic. Construction of Butwal-Palpa cable car and hotel is underway with the joint investment of more than Rs 4 billion of Sharma & Company and IME Group.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Although the construction of the first phase of the three-kilometer long cable car started three months ago, the construction of a five-star hotel is set to start from September. Sharma & Company, a successful construction company, has invested 50 percent in the project and started a hotel and cable car for the first time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Meanwhile, the IME Group, which has established itself as a successful company in the banking and remittance sector, has 50 per cent investment in the project.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Ramesh Sharma, chairman of Sharma & Company, said that his company and the IME Group, which operates cable cars and resorts in Chandragiri, Kathmandu, had moved ahead with the project which was halted due to coronavirus pandemic. "The cable car structure has been under construction for three months now," Sharma said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Sharma informed that they have already set up six out of the nine towers of the cable car. The company stated that all the cable car towers will be fixed by mid-July. The starting point of the cable car will be Butwal's Bamghat, Chidiyakhola and the last stop will be Basantapur Danda of Palpa. Sharma said that the construction of the cable car and the process of purchasing coaches will be expedited from next April.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The cable car will have 24 compartments. Two of them will be carrying luggages. Following the success of cable car and resort operation in Chandragiri, IME Group and Sharma & Company have followed the same modality and started the project of running hotel and Butwal-Basantapur cable car in Basantapur of Palpa. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to Sharma, the hotel will take another two to three years to come into operation.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">After the operation of the cable car, the second phase will focus on building five-star hotel and lodges and also halls and restaurants for holding conventions.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Sharma informed that about 30 ropanis of land has been purchased for the purpose. "There are plans to add another 30 ropanis," Sharma said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The company is targeting both internal and external tourists. Investors say such tourism infrastructure needs to be built to develop MICE tourism and hill stations.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Basantapur hill, a few kilometers away from Butwal, is considered to be an ideal place for escaping the high temperature of Butwal and Bhairahawa. Investors believe that this place can become a favourite choice of domestic and foreign tourists after the construction of cable car.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Similarly, the second international airport, Gautam Buddha, and the Pokhara Regional International Airport, which is under construction, are also aimed at making Palpa a preferred choice and a hill station style destination for tourists, Sharma said.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15151', 'image' => '20220607061948_20210211021226_index.jpg', 'article_date' => '2022-06-07 18:19:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15408', 'article_category_id' => '1', 'title' => 'Clean Mountain Campaign Concludes', 'sub_title' => '', 'summary' => 'June 7: The Nepalese Army has completed the Clean Mountain Campaign 2022 this year.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 7: The Nepalese Army has completed the Clean Mountain Campaign 2022 this year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">This was the third edition of the clean-up campaign initiated by the Nepalese Army in coordination with Rotary Club of Nagarjun and various donor agencies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Under this campaign, the Nepalese Army collected as much as 33,800 tonnes of waste from four mountains including Mt Everest, Mt Lhotse, Mt Kanchanjunga and Mt Manaslu. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The solid waste brought down from the mountains comprised of 7,227 kilograms of biodegradable matter and remaining were non-biodegradable, the Nepalese Army informed.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The cleaning team reportedly collected skeleton of two humans from Mt Kanchenjunga. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The cleaning team included 30 army personnel and 48 Sherpas as support staff. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The campaign that kicked off on March 5 concluded on the World Environment Day on Sunday. During the closing ceremony, Chief of Army Staff (CoAS) General Prabhu Ram Sharma said that it was the supreme duty of humans to maintain environmental balance in the face on growing environmental degradation. The army chief distributed </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">letter of appreciation to the members of the cleaning campaign, supporting agencies and support staff. </span></span></span></p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15150', 'image' => '20220607050756_1654558012.Clipboard07.jpg', 'article_date' => '2022-06-07 17:07:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15406', 'article_category_id' => '1', 'title' => 'Meteorological Division Confirms Early Onset of Monsoon this Year ', 'sub_title' => '', 'summary' => 'June 7: This year, monsoon entered Nepal before the tentative date for its arrival, according to the Meteorological Forecasting Division under the Department of Hydrology and Meteorology. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 7: This year, monsoon entered Nepal before the tentative date for its arrival, according to the Meteorological Forecasting Division under the Department of Hydrology and Meteorology. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The division in its special weather bulletin on Monday afternoon confirmed that monsoon made its entry in the country from the Province 1 on June 6 and will set in motion in other parts of the country after a few days. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In its special edition, the division stated that monsoon was expected to arrive on June 13 but its impact will be felt from June 10.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In Nepal, monsoon enters from the eastern part and moves towards the west gradually. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The four-month period from June to September is defined as the monsoon period in South Asia. During this period, Nepal receives 80 percent of annual rainfall. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The division sates that it is continuously monitoring this year’s monsoon system and will update related information accordingly. --RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15149', 'image' => '20220607011106_weather (1).jpg', 'article_date' => '2022-06-07 13:10:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15407', 'article_category_id' => '1', 'title' => 'Cooperatives Lobbying to Lower Income Tax Ceiling', 'sub_title' => '', 'summary' => 'June 7: After the government decided to increase the income tax on the profit of cooperatives by 50 percent, the National Cooperative Federation of Nepal has started pressing the government to withdraw its decision.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">June 7: After the government decided to increase the income tax on the profit of cooperatives by 50 percent, the National Cooperative Federation of Nepal has started pressing the government to withdraw its decision. Issuing a press statement, the federation opposed the income tax hike a day after the government announced the budget for the fiscal year 2022/23/ Officials of the federation met with Finance Minister Janardan Sharma on Monday and demanded tax adjustment as per the Cooperatives Act, 2074 BS.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the Cooperatives Act 2074 BS, the government had made arrangements three years ago to impose 5 percent income tax on cooperatives operating within a municipality, 7 percent for sub-metropolis and 10 percent for metropolis. The government had also announced tax exemption in case of cooperatives operating in rural municipality.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The then Finance Minister Dr Yubaraj Khatiwada had adjusted the tax imposed on cooperatives as per the Cooperatives Act 2074 BS in the budget announced for the fiscal year 2077/76. Earlier, cooperatives were required to pay 20 percent income tax.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Sharma said that cooperatives will be taxed 7.5 percent if they operate in non-taxable areas, 10 percent in sub-metropolitan cities and 15 percent in metropolitan cities effective from the next fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A delegation led by the federation’s president Minraj Kandel argued that the Cooperatives Act has clearly stated the income tax they are required to pay and the income tax should not be increased through the Finance Bill. As per the statement released by the federation, Finance Minister Sharma gave a short response saying that he will interact with the federation after holding discussions. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> “I will inquire with the secretary why it was increased,” the statement quoted the finance minister as saying.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">President of the federation Kandel urged the minister to take this issue seriously. Senior Vice President of the federation and Global Board Member of the International Federation of Cooperatives Om Devi Malla demanded the government to address the issues mentioned in the Act. During the meeting, the federation’s General Manager Chitra Kumari Subba said that the federation pointed out that the error of the government. Subba further said that the federation used to be invited for the discussion of the Revenue Advisory Committee in previous years, but was not invited this year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15148', 'image' => '20220607014144_37763.jpg', 'article_date' => '2022-06-07 13:41:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15405', 'article_category_id' => '266', 'title' => 'Dabur Vatika Miss Nepal Contestants Visit Nursery', 'sub_title' => '', 'summary' => 'June 7: The contestants of Dabur Vatika Miss Nepal 2022 visited Dabur Nepal Nursery in Banepa. During the visit, the contestants said that they got to understand various issues related to environment.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">June 7: The contestants of Dabur Vatika Miss Nepal 2022 visited Dabur Nepal Nursery in Banepa. During the visit, the contestants said that they got to understand various issues related to environment. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The participants of Dabur Vatika Miss Nepal also inspected Dabur Nepal’s greenhouse facility during the visit. Dabur Nepal has been conserving rare and endangered herbs which are used in various products of Dabur.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On the occasion of the World Environment Day, the contestants also planted trees on the premises of Dabur Nepal Nursery on Sunday. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Abhay Gorkhali, head of marketing of Dabur Nepal, said that he was excited to introduce the youth for the conservation of nature and natural species.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15147', 'image' => '20220607125757_1654557340.Clipboard03.jpg', 'article_date' => '2022-06-07 12:57:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15404', 'article_category_id' => '1', 'title' => 'IRD Releases New Tax Rates for Upcoming Fiscal Year ', 'sub_title' => '', 'summary' => 'June 7: The government has changed the income tax rates for the new fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 7: The government has changed the income tax rates for the new fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Following the announcement of the new annual budget by the Minister for Finance on May 29, the Inland Revenue Department (IRD) has released the new tax rates to be paid in the Fiscal Year 2022/23. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the department, an unmarried individual has to pay one percent tax for up to Rs 500,000 income while the married couples will have to pay the same amount of tax for income up to Rs 600,000 per annum. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, both the married and unmarried people are entitled to 10 per cent tax for income between Rs 600,000 to Rs 800,000. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, 20 per cent tax is imposed on income ranging from Rs 800,000 to Rs 1,100,000. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the department, an unmarried person has to pay 20 per cent tax for income between Rs 1 million to Rs 2 million while a couple earning Rs 1.1 million to Rs 2 million has to pay 30 per cent tax. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Furthermore, those earning more than Rs 2 million per annum should pay tax equal to Rs 360,000. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the IRD, an unmarried person having annual income of more than Rs 3 million should pay tax of Rs 745,000 while the married person has to pay Rs 716,000. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The IRD said the provision of one percent tax is not applicable for the taxpayers having their firm registered independently, and the contributors to the pension income, pension fund and the contribution-based Social Security Fund. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15146', 'image' => '20220607115444_Income-Tax-Return.jpg', 'article_date' => '2022-06-07 11:54:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15403', 'article_category_id' => '1', 'title' => 'Government Revokes Decision to Grant Public Holiday on Sundays', 'sub_title' => '', 'summary' => 'June 7: The government has revoked its decision to provide public holiday on Sundays. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 7: The government has revoked its decision to provide public holiday on Sundays. A meeting of the Council of Ministers on Monday (June 6) took a decision to this effect. The new rule will come into effect from June 15.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government had earlier announced two days holiday a week in order to reduce consumption of petroleum products. The government had introduced such provision on a trial basis starting from May 15. However, the government rolled back its decision to grant two days holiday a week after it drew criticism from all quarters. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A writ petition was also filed at the Supreme Court seeking the court’s intervention to annul the government decision to provide public holiday on Sundays. Advocates Santosh Bhandari and Punya Prasad Khatiwada had filed the writ petition at the apex court. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The petitioners had argued that the government’s decision lacked proper research and study and was just a whimsical decision.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Office of the Prime Minister and Council of Ministers and the Ministry of General Administration were made the defendants in the case. However, the case does not hold significance anymore as the government has withdrawn its decision.</span></span></p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15145', 'image' => '20220607111914_lBTmOjxo_400x400.jpg', 'article_date' => '2022-06-07 11:18:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15402', 'article_category_id' => '1', 'title' => 'Budget has Excluded Pressing Issues: Intellectuals', 'sub_title' => '', 'summary' => 'June 6: Speakers from various walks of life have expressed concerns that the budget for the upcoming fiscal year has not addressed the burning issues of the nation.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">June 6: Speakers from various walks of life have expressed concerns that the budget for the upcoming fiscal year has not addressed the burning issues of the nation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Speaking at an interaction of budget for the fiscal year 2079/80 organized recently in the capital, members of the Nepal Intellectuals Association stated that the budget cannot address the problems of the nation as it is not practical.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> Speaking at the program, CPN-UML General Secretary Shankar Pokhrel said that the budget is unable to address the main issues that it is supposed to include. Stating that the country is in a state of economic crisis at present, he stated that the budget has been unable to guide the country in the right direction by facing the current economic crisis.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Pokhrel stated that if the country enters a dire financial crisis, winning the election is meaningless. He also emphasized that economic growth cannot be achieved without increasing the capital expenditure and pointed out the lack of no coordination between the policies and programmes and the budget.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Presenting a paper at the event, economist Prof. Dr. Govind Nepal stated that the budget is focused on the election.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He said that the emphasis on self-reliant economy, agriculture, construction of infrastructure, continuity of old plans, welfare of the people and trying to transform them are good but there are problems in implementation due to the uncertainty of budget resources.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Speaking at the same program, Prof. Dr. Pushpa Raj Kandel, former vice-chairperson of the National Planning Commission, said that the budget is introduced as a means to confuse the people and feed the task forces of parties while focusing on the upcoming election.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Meanwhile, former Vice Chairman of the National Planning Commission Dr. Dinesh Chandra Devkota said that the budget allocated lesser amount for the local levels and the states which are the pillars of federalism.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, economist Dr Dilliraj Khanal said that there is a contradiction between the goal of the budget, the word socialism and the provisions in it. Former member of the Planning Commission Min Bahadur Shahi as well agreed that the budget has been unable to address the issues of socio-economic transformation and ending inequality.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Dr. Yamun Ghale, an agronomist, said that access and control over the source of production is not mentioned in the budget while talking about increasing production and productivity. Ghale added that women should be given access to information, inclusion and technology for climate friendly farming.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Likewise, health sector expert Prof. Dr. Bidhan Nidhi Poudel stated that the previous plans of the health sector have been abandoned recklessly and new programs have been added without any study. Poudel said that the budget failed to understand the misery of the health sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Urban development expert Bipin Chitrakar said that the budget is not realistic and added that the issue of building satellite city and housing has been introduced without any study. Another expert Bidhan Acharya said that the target of revenue collection is totally unrealistic and expressed concern over the decrease in the budget of the health sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former ambassador Dr Nirmal BK said that Dalits and marginalized communities are mentioned at various places but no budget has been allocated for them.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-06', 'modified' => '2022-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '15144', 'image' => '20220606073600_budget new.jpg', 'article_date' => '2022-06-06 19:35:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15401', 'article_category_id' => '1', 'title' => 'Industries in Bara-Parsa Corridor Complain of Poor-Quality Electricity', 'sub_title' => '', 'summary' => 'June 6: Industries of Bara-Parsa Industrial Corridor, which is the main industrial area of the country, have been at the receiving end due to the poor quality of electricity supplied to them. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">June 6: Industries of Bara-Parsa Industrial Corridor, which is the main industrial area of the country, have been at the receiving end due to the poor quality of electricity supplied to them. The industries have been subject to unannounced load-shedding and frequent tripping. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Nepal Electricity Authority claims that the industries of Bara and Parsa have not been subjected to load-shedding. However, industrialists claim that they face power cuts for hours without any prior notice.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">They complain that the frequent tripping of electricity results in damage of raw materials and the quality of electricity they receive is also below the set standard. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Mostly, industries that produce textile, iron, medicines and those that rely on furnace are severely affected by the frequent power cuts, says Madhav Rajpal, chairman of Birgunj Chamber of Commerce.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The raw materials that are being processed get wasted due to the sudden power cuts. It also causes damage to the equipment,” said Rajpal, adding that the electricity consumption also increases when there is frequent power cuts.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">NEA admitted that there is problem of tripping when the demand of electricity is high because the capacity of Birgunj-Parwanipur transmission line is weak. Chief of the Birgunj Distribution Centre of NEA Jitendra Kumar Jha says that the problem of tripping is a result of excessive demand for electricity than the capacity of the transmission line.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Birgunj Chamber of Commerce has drawn the attention of the NEA that the industries have been facing the problem of tripping for 8 to 10 times a day. Issuing a statement on Sunday, the chamber has demanded high quality electricity for the industries.</span></span></p> ', 'published' => true, 'created' => '2022-06-06', 'modified' => '2022-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '15143', 'image' => '20220606053410_Transmission.jpg', 'article_date' => '2022-06-06 17:31:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15400', 'article_category_id' => '1', 'title' => 'Minister Badu Assures of Addressing the Concerns of Industrialists', 'sub_title' => '', 'summary' => 'June 6: Minister for Industry, Commerce and Supplies Dilendra Prasad Badu has said that the problems of the industrial sector will be resolved soon.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 6: Minister for Industry, Commerce and Supplies Dilendra Prasad Badu has said that the problems of the industrial sector will be resolved soon. Minister Badu said that some of the provisions in the budget regarding the industries producing sanitary pads, iron and palm oil would solve address the problems. He said that he would take initiative to this end.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Replying to a question raised by the industrialists at the 49th Annual General Assembly of the Chamber of Industries Morang, Minister Badu said that the problems of sanitary pads, iron and palm oil industries would also be discussed during the deliberations on budget in the parliament. He said that there is still an option to solve the problem as the budget had not been passed yet.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Stating that not only pulses and rice but also vegetables and pickles are being imported, Minister Badu said that the government is ready to cooperate with the private sector for self-reliance. He said that the government should be self-reliant in production through the 'Prime Minister's National Production and Consumption Growth Program'.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Chairman of the chamber Suyash Raj Pyakurel said that import of palm oil for biscuit and noodle industry should be stopped. In addition to this, he also urged the minister to address the problems of the sanitary industry, iron industry and vegetable oil industry.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-06', 'modified' => '2022-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '15142', 'image' => '20220606040612_Chamber of industries morang new.jpg', 'article_date' => '2022-06-06 16:05:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '15414', 'article_category_id' => '1', 'title' => 'Government Uses Force for Waste Management', 'sub_title' => '', 'summary' => 'June 8: The government on Tuesday mobilized police to forcefully remove the obstruction created by the locals of Banchare Danda landfill site where the garbage collected from Kathmandu valley is dumped.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">June 8: The government on Tuesday mobilized police to forcefully remove the obstruction created by the locals of Banchare Danda landfill site where the garbage collected from Kathmandu valley is dumped.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Vehicles carrying garbage from the valley was escorted by police after the Banchare Danda Landfill Site Affected Area Concern Committee stopped the vehicles at the landfill site.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The locals of Banchare Danda stared to protest from Tuesday morning after the government announced to dump garbage as per the agreement reached on Monday night.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Police took Shri Ram Dhungana, the chairman of the committee under control along with two locals by force while they were protesting at Aletar, located between Sisdole and Banchare Danda. SP Ram Prakash Shah of Nuwakot informed that the vehicles stopped at Sisdole were escorted to Banchare Danda.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Garbage disposal has been disrupted time and again due to the protests of the locals. The Ministry of Urban Development reached an agreement with the people's representatives of Sisdole and Banchare Danda on Monday night to remove the obstruction caused by the locals. The MoU states that the landfill site at Sisdole, which has been accumulating garbage of Kathmandu since 17 years, will be closed and turned into a green zone. The two sides had also agreed to determine the affected area of Banchare Danda dumping site for land acquisition.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The land acquisition process of the affected area was supposed to be started within six months on the basis of the environmental impact assessment report of Banchare Danda. The Kathmandu Metropolitan City had earlier conducted an environmental impact assessment of the area affected by the Banchare Danda dumping site by an expert team of NAST. The metropolis also agreed to reveal the report to the public. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the case of Sisdole, the agreement states that the process of closing the dumping site will be started within six months by making a management plan based on the environmental impact assessment report. The letter also mentions that arrangements will be made to prevent the emission of foul smell from Sisdole and Banchare Danda and immediate arrangement will be made for managing the leakage of contaminated water from the garbage of Sisdole.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The commitment letter states that the Ministry of Urban Development will allocate Rs 425 million to construct five different roads in the upcoming fiscal year 2079/80 in areas affected by the Banchare Danda landfill site. In addition, Rs 17 million will be allocated for river control, construction of community buildings and temples and tree planting. The Ministry of Health will be recommended to operate a 10-bed hospital for the residents of the affected areas, and the process of upgrading schools in Sisdole and Banchare Danda areas will also be initiated.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Despite the agreement, the locals continued protest after which the police was mobilized to resume waste management in the area.</span></span></p> <p> </p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong>Waste management issue to the House</strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepali Congress General Secretary and former Minister Gagan Kumar Thapa urged the government to inform the parliament about the recent problems in waste management in the capital. Speaking in the House of Representatives on Tuesday, he urged the Ministry of Urban Development to provide information on the problems in waste management in Kathmandu rather than answering disputes and questions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to him, billions of rupees are needed to fulfill the promises made with the people of Sisdole and Banchare Danda for waste management of Kathmandu metropolis. However, he suggested that some amount could be allocated for this from next year's budget.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, Thapa said that it would be difficult to solve the task of waste management at once. He said that money could be allocated for those places from next year's budget. Referring to some foreign practices, he said that a sustainable solution should be sought for waste management in Kathmandu. He also said that initiatives should be taken to fulfill the promises made earlier.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-08', 'modified' => '2022-06-08', 'keywords' => '', 'description' => '', 'sortorder' => '15156', 'image' => '20220608024027_IMG_20220608_141650.jpg', 'article_date' => '2022-06-08 14:39:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15413', 'article_category_id' => '1', 'title' => 'Banks Tightening Credit Flow despite Increase in Deposit Collection', 'sub_title' => '', 'summary' => 'June 8: Banks, which are under pressure to keep the credit-to-deposit (CD) ratio at 90 percent by mid-July, are pursuing a strategy of reducing credit flow despite an increase in deposit collection.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">June 8: Banks, which are under pressure to keep the credit-to-deposit (CD) ratio at 90 percent by mid-July, are pursuing a strategy of reducing credit flow despite an increase in deposit collection.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the Nepal Bankers Association, credit flow has shrunk despite the increase in deposit collection of banks and financial institutions. Although deposit collection of commercial banks increased by Rs 7 billion in the third week of June, credit flow declined by Rs 2 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> Bank deposits that were drawn out of the banking system due to the local elections have started returning to the banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Despite the increase in deposit collection, banks have adopted a strategy of reducing credit flow. Lately, banks have been blocking the flow of new loans and focusing only on recovery.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the association, the credit flow of banks has decreased by Rs 2 billion in the third week of May as compared to the second week.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Banks have almost stopped the flow of credit as the CD ratio of banks has exceeded the target set by the Nepal Rastra Bank (NRB) due to lack of liquidity. NRB has set a deadline of July for banks and financial institutions to bring the CD ratio within 90 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the association, the average CD ratio of commercial banks is 90.32 percent as of June 30.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> Meanwhile, an agreement has been reached between the Nepal Bankers Association and FinTelect Advisory Services to provide expert services on asset laundering prevention and financial crime compliance. The agreement was signed by Anil Kumar Upadhyay, president of the association and Shirish Pathak, managing director of FinTelect. As per the agreement, FinTelect will conduct webinars and workshops for Nepali bankers on anti-money laundering issue.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> Similarly, it will conduct policy research in collaboration with both the organizations and also give necessary suggestions to the regulator.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"FinTelect, through its highly knowledgeable resources and global advisors, will help Nepal's banking industry effectively and efficiently fight financial investment in money laundering and terrorism," said Managing Director Pathak.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"This cooperation will help increase the knowledge, skills, efficiency and productivity of the employees in the banking sector, especially in the field of anti-money laundering," said Upadhyaya.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> ', 'published' => true, 'created' => '2022-06-08', 'modified' => '2022-06-08', 'keywords' => '', 'description' => '', 'sortorder' => '15155', 'image' => '20220608012758_Banks - Copy.jpg', 'article_date' => '2022-06-08 13:26:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15412', 'article_category_id' => '1', 'title' => 'Stagflation Risk Rises Amid Sharp Slowdown in Growth', 'sub_title' => 'War in Ukraine leading to higher inflation, tighter financial conditions: World Bank Report', 'summary' => 'June 8: The World Bank has warned that the Russian invasion of Ukraine has further troubled the global economy that was struggling to revive from the impacts of Covid-19.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 8: The World Bank has warned that the Russian invasion of Ukraine has further troubled the global economy that was struggling to revive from the impacts of Covid-19.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Compounding the damage from the COVID-19 pandemic, the Russian invasion of Ukraine has magnified the slowdown in the global economy, which is entering what could become a protracted period of feeble growth and elevated inflation,” states the the World Bank’s latest Global Economic Prospects report. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This raises the risk of stagflation, with potentially harmful consequences for middle- and low-income economies alike, added the report. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank, global growth is expected to slump from 5.7 percent in 2021 to 2.9 percent in 2022— significantly lower than 4.1 percent that was anticipated in January. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“It is expected to hover around that pace over 2023-24, as the war in Ukraine disrupts activity, investment, and trade in the near term, pent-up demand fades, and fiscal and monetary policy accommodation is withdrawn.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As a result of the damage from the pandemic and the war, the level of per capita income in developing economies this year will be nearly 5 percent below its pre-pandemic trend. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The war in Ukraine, lockdowns in China, supply-chain disruptions, and the risk of stagflation are hammering growth. For many countries, recession will be hard to avoid,” said World Bank Group President David Malpass, adding, “Markets look forward, so it is urgent to encourage production and avoid trade restrictions. Changes in fiscal, monetary, climate and debt policy are needed to counter capital misallocation and inequality.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Tuesday, the World Bank said that the Global Economic Prospects report of June offers the first systematic assessment of how current global economic conditions compare with the stagflation of the 1970s—with a particular emphasis on how stagflation could affect emerging market and developing economies. The recovery from the stagflation of the 1970s required steep increases in interest rates in major advanced economies, which played a prominent role in triggering a string of financial crises in emerging market and developing economies, added the World Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Developing economies will have to balance the need to ensure fiscal sustainability with the need to mitigate the effects of today’s overlapping crises on their poorest citizens,” said Ayhan Kose, director of the World Bank’s Prospects Group. “Communicating monetary policy decisions clearly, leveraging credible monetary policy frameworks, and protecting central bank independence can effectively anchor inflation expectations and reduce the amount of policy tightening required to achieve the desired effects on inflation and activity.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The current juncture resembles the 1970s in three key aspects: persistent supply-side disturbances fueling inflation, preceded by a protracted period of highly accommodative monetary policy in major advanced economies, prospects for weakening growth, and vulnerabilities that emerging market and developing economies face with respect to the monetary policy tightening that will be needed to rein in inflation. However, the ongoing episode also differs from the 1970s in multiple dimensions: the dollar is strong, a sharp contrast with its severe weakness in the 1970s; the percentage increases in commodity prices are smaller; and the balance sheets of major financial institutions are generally strong, added the World Bank. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">More importantly, unlike the 1970s, central banks in advanced economies and many developing economies now have clear mandates for price stability, and, over the past three decades, they have established a credible track record of achieving their inflation targets. Global inflation is expected to moderate next year but it will likely remain above inflation targets in many economies. The report notes that if inflation remains elevated, a repeat of the resolution of the earlier stagflation episode could translate into a sharp global downturn along with financial crises in some emerging market and developing economies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The report also offers fresh insights on how the war’s effects on energy markets are clouding the global growth outlook. The war in Ukraine has led to a surge in prices across a wide range of energy-related commodities, the World Bank further stated. Higher energy prices will lower real incomes, raise production costs, tighten financial conditions, and constrain macroeconomic policy especially in energy-importing countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Growth in advanced economies is projected to sharply decelerate from 5.1 percent in 2021 to 2.6 percent in 2022— 1.2 percentage point below projections in January. Among emerging market and developing economies, growth is also projected to fall from 6.6 percent in 2021 to 3.4 percent in 2022—well below the annual average of 4.8 percent over 2011-2019. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The negative spillovers from the war will more than offset any near-term boost to some commodity exporters from higher energy prices. Forecasts for 2022 growth have been revised down in nearly 70 percent of EMDEs, including most commodity importing countries as well as four-fifths of low-income countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The report highlights the need for decisive global and national policy action to avert the worst consequences of the war in Ukraine for the global economy. This will involve global efforts to limit the harm to those affected by the war, to cushion the blow from surging oil and food prices, to speed up debt relief, and to expand vaccinations in low-income countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It will also involve vigorous supply responses at the national level while keeping global commodity markets functioning well. The report suggests that policymakers, moreover, should refrain from distortionary policies such as price controls, subsidies, and export bans, which could worsen the recent increase in commodity prices. Against the challenging backdrop of higher inflation, weaker growth, tighter financial conditions, and limited fiscal policy space, governments will need to reprioritize spending toward targeted relief for vulnerable populations, added the World Bank report.</span></span></p> ', 'published' => true, 'created' => '2022-06-08', 'modified' => '2022-06-08', 'keywords' => '', 'description' => '', 'sortorder' => '15154', 'image' => '20220608121128_World.jpg', 'article_date' => '2022-06-08 12:10:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15411', 'article_category_id' => '1', 'title' => 'NATTA Urges NRB to bring Tourism Entrepreneur-Friendly Policy', 'sub_title' => '', 'summary' => 'June 8: Nepal Association of Tour and Travels Agents (NATTA) has urged Nepal Rastra Bank (NRB), the central bank of Nepal, to bring tourism entrepreneur-friendly monetary policy.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">June 8: Nepal Association of Tour and Travels Agents (NATTA) has urged Nepal Rastra Bank (NRB), the central bank of Nepal, to bring tourism entrepreneur-friendly monetary policy. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">A delegation headed by NATTA Chairperson Ramesh Thapa on Tuesday called on NRB Governor Maha Prasad Adhikari and urged him to introduce monetary policy that is capable of restoring the pandemic-battered tourism entrepreneurship. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The association put forth its demand to continue re-financing provision for five years so as to revitalize the ailing tourism industry. At a time when the pandemic-hit tourism industry was gradually recovering, the central bank-imposed changes in re-financing work procedure had negatively impacted the entire industry, the delegation told Governor Adhikari. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“NATTA submitted the concern and pressing issues of travel and tourism trade and requested for necessary policy intervention for tourism business promotion. It was a fruitful meeting with the Governor,” NATTA wrote on its Facebook page on Tuesday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Other demands put forward by the association include creating environment for re-payment without fine, arrangement of 'cash back incentive' and easy loan flow to tourism sector. The association urged the governor to consider their demands as the tourism entrepreneurs are not in a condition to repay the bank loans on time due to unprecedented impacts of COVID-19. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to NATTA, NRB governor assured to try his best to address the issues. (With inputs from RSS)</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-08', 'modified' => '2022-06-08', 'keywords' => '', 'description' => '', 'sortorder' => '15153', 'image' => '20220608114557_286182537_8130877560259337_6765808476789914932_n.jpg', 'article_date' => '2022-06-08 11:44:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15410', 'article_category_id' => '1', 'title' => 'Technical Committee for Revival of Tourism Dissolved ', 'sub_title' => '', 'summary' => 'June 7: A technical committee formed by the Ministry of Culture, Tourism and Civil Aviation for the revival of tourism industry has been dissolved. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 7: A technical committee formed by the Ministry of Culture, Tourism and Civil Aviation for the revival of tourism industry has been dissolved. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The committee formed under the coordination of Rajaram Giri on January 16, 2022 was dissolved through a ministerial-level decision. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The ministry dismissed the committee after it submitted a report on May 3, informed Hemant Regmi, personal secretary of Tourism Minister Prem Bahadur Ale. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 12-member committee was formed under the coordination of an entrepreneur Giri in order to provide policy-level suggestions to seek new potential for the tourism industry of Nepal. A 24-member board of directors under chairmanship of Minister Ale was also formed to oversee the revival committee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Ministry of Culture, Tourism and Civil Aviation, both the committees have been dissolved. The ministry further said that the advice and suggestion of the report would be implemented. -- RSS </span><br /> </span></span></p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15152', 'image' => '20220607074621_Tourist.jpg', 'article_date' => '2022-06-07 19:45:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15409', 'article_category_id' => '1', 'title' => 'Sharma & Company, IME Group Resume Construction of Cable Car and Hotel', 'sub_title' => '', 'summary' => 'June 7: Two reputed business houses of Nepal have resumed the construction of cable cars and star hotels, which was halted due to the Covid 19 pandemic. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 7: Two reputed business houses of Nepal have resumed the construction of cable cars and star hotels, which was halted due to the Covid 19 pandemic. Construction of Butwal-Palpa cable car and hotel is underway with the joint investment of more than Rs 4 billion of Sharma & Company and IME Group.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Although the construction of the first phase of the three-kilometer long cable car started three months ago, the construction of a five-star hotel is set to start from September. Sharma & Company, a successful construction company, has invested 50 percent in the project and started a hotel and cable car for the first time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Meanwhile, the IME Group, which has established itself as a successful company in the banking and remittance sector, has 50 per cent investment in the project.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Ramesh Sharma, chairman of Sharma & Company, said that his company and the IME Group, which operates cable cars and resorts in Chandragiri, Kathmandu, had moved ahead with the project which was halted due to coronavirus pandemic. "The cable car structure has been under construction for three months now," Sharma said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Sharma informed that they have already set up six out of the nine towers of the cable car. The company stated that all the cable car towers will be fixed by mid-July. The starting point of the cable car will be Butwal's Bamghat, Chidiyakhola and the last stop will be Basantapur Danda of Palpa. Sharma said that the construction of the cable car and the process of purchasing coaches will be expedited from next April.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The cable car will have 24 compartments. Two of them will be carrying luggages. Following the success of cable car and resort operation in Chandragiri, IME Group and Sharma & Company have followed the same modality and started the project of running hotel and Butwal-Basantapur cable car in Basantapur of Palpa. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to Sharma, the hotel will take another two to three years to come into operation.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">After the operation of the cable car, the second phase will focus on building five-star hotel and lodges and also halls and restaurants for holding conventions.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Sharma informed that about 30 ropanis of land has been purchased for the purpose. "There are plans to add another 30 ropanis," Sharma said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The company is targeting both internal and external tourists. Investors say such tourism infrastructure needs to be built to develop MICE tourism and hill stations.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Basantapur hill, a few kilometers away from Butwal, is considered to be an ideal place for escaping the high temperature of Butwal and Bhairahawa. Investors believe that this place can become a favourite choice of domestic and foreign tourists after the construction of cable car.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Similarly, the second international airport, Gautam Buddha, and the Pokhara Regional International Airport, which is under construction, are also aimed at making Palpa a preferred choice and a hill station style destination for tourists, Sharma said.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15151', 'image' => '20220607061948_20210211021226_index.jpg', 'article_date' => '2022-06-07 18:19:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15408', 'article_category_id' => '1', 'title' => 'Clean Mountain Campaign Concludes', 'sub_title' => '', 'summary' => 'June 7: The Nepalese Army has completed the Clean Mountain Campaign 2022 this year.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 7: The Nepalese Army has completed the Clean Mountain Campaign 2022 this year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">This was the third edition of the clean-up campaign initiated by the Nepalese Army in coordination with Rotary Club of Nagarjun and various donor agencies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Under this campaign, the Nepalese Army collected as much as 33,800 tonnes of waste from four mountains including Mt Everest, Mt Lhotse, Mt Kanchanjunga and Mt Manaslu. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The solid waste brought down from the mountains comprised of 7,227 kilograms of biodegradable matter and remaining were non-biodegradable, the Nepalese Army informed.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The cleaning team reportedly collected skeleton of two humans from Mt Kanchenjunga. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The cleaning team included 30 army personnel and 48 Sherpas as support staff. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The campaign that kicked off on March 5 concluded on the World Environment Day on Sunday. During the closing ceremony, Chief of Army Staff (CoAS) General Prabhu Ram Sharma said that it was the supreme duty of humans to maintain environmental balance in the face on growing environmental degradation. The army chief distributed </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">letter of appreciation to the members of the cleaning campaign, supporting agencies and support staff. </span></span></span></p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15150', 'image' => '20220607050756_1654558012.Clipboard07.jpg', 'article_date' => '2022-06-07 17:07:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15406', 'article_category_id' => '1', 'title' => 'Meteorological Division Confirms Early Onset of Monsoon this Year ', 'sub_title' => '', 'summary' => 'June 7: This year, monsoon entered Nepal before the tentative date for its arrival, according to the Meteorological Forecasting Division under the Department of Hydrology and Meteorology. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 7: This year, monsoon entered Nepal before the tentative date for its arrival, according to the Meteorological Forecasting Division under the Department of Hydrology and Meteorology. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The division in its special weather bulletin on Monday afternoon confirmed that monsoon made its entry in the country from the Province 1 on June 6 and will set in motion in other parts of the country after a few days. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In its special edition, the division stated that monsoon was expected to arrive on June 13 but its impact will be felt from June 10.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In Nepal, monsoon enters from the eastern part and moves towards the west gradually. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The four-month period from June to September is defined as the monsoon period in South Asia. During this period, Nepal receives 80 percent of annual rainfall. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The division sates that it is continuously monitoring this year’s monsoon system and will update related information accordingly. --RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15149', 'image' => '20220607011106_weather (1).jpg', 'article_date' => '2022-06-07 13:10:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15407', 'article_category_id' => '1', 'title' => 'Cooperatives Lobbying to Lower Income Tax Ceiling', 'sub_title' => '', 'summary' => 'June 7: After the government decided to increase the income tax on the profit of cooperatives by 50 percent, the National Cooperative Federation of Nepal has started pressing the government to withdraw its decision.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">June 7: After the government decided to increase the income tax on the profit of cooperatives by 50 percent, the National Cooperative Federation of Nepal has started pressing the government to withdraw its decision. Issuing a press statement, the federation opposed the income tax hike a day after the government announced the budget for the fiscal year 2022/23/ Officials of the federation met with Finance Minister Janardan Sharma on Monday and demanded tax adjustment as per the Cooperatives Act, 2074 BS.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the Cooperatives Act 2074 BS, the government had made arrangements three years ago to impose 5 percent income tax on cooperatives operating within a municipality, 7 percent for sub-metropolis and 10 percent for metropolis. The government had also announced tax exemption in case of cooperatives operating in rural municipality.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The then Finance Minister Dr Yubaraj Khatiwada had adjusted the tax imposed on cooperatives as per the Cooperatives Act 2074 BS in the budget announced for the fiscal year 2077/76. Earlier, cooperatives were required to pay 20 percent income tax.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Sharma said that cooperatives will be taxed 7.5 percent if they operate in non-taxable areas, 10 percent in sub-metropolitan cities and 15 percent in metropolitan cities effective from the next fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A delegation led by the federation’s president Minraj Kandel argued that the Cooperatives Act has clearly stated the income tax they are required to pay and the income tax should not be increased through the Finance Bill. As per the statement released by the federation, Finance Minister Sharma gave a short response saying that he will interact with the federation after holding discussions. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> “I will inquire with the secretary why it was increased,” the statement quoted the finance minister as saying.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">President of the federation Kandel urged the minister to take this issue seriously. Senior Vice President of the federation and Global Board Member of the International Federation of Cooperatives Om Devi Malla demanded the government to address the issues mentioned in the Act. During the meeting, the federation’s General Manager Chitra Kumari Subba said that the federation pointed out that the error of the government. Subba further said that the federation used to be invited for the discussion of the Revenue Advisory Committee in previous years, but was not invited this year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15148', 'image' => '20220607014144_37763.jpg', 'article_date' => '2022-06-07 13:41:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15405', 'article_category_id' => '266', 'title' => 'Dabur Vatika Miss Nepal Contestants Visit Nursery', 'sub_title' => '', 'summary' => 'June 7: The contestants of Dabur Vatika Miss Nepal 2022 visited Dabur Nepal Nursery in Banepa. During the visit, the contestants said that they got to understand various issues related to environment.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">June 7: The contestants of Dabur Vatika Miss Nepal 2022 visited Dabur Nepal Nursery in Banepa. During the visit, the contestants said that they got to understand various issues related to environment. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The participants of Dabur Vatika Miss Nepal also inspected Dabur Nepal’s greenhouse facility during the visit. Dabur Nepal has been conserving rare and endangered herbs which are used in various products of Dabur.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On the occasion of the World Environment Day, the contestants also planted trees on the premises of Dabur Nepal Nursery on Sunday. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Abhay Gorkhali, head of marketing of Dabur Nepal, said that he was excited to introduce the youth for the conservation of nature and natural species.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15147', 'image' => '20220607125757_1654557340.Clipboard03.jpg', 'article_date' => '2022-06-07 12:57:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15404', 'article_category_id' => '1', 'title' => 'IRD Releases New Tax Rates for Upcoming Fiscal Year ', 'sub_title' => '', 'summary' => 'June 7: The government has changed the income tax rates for the new fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">June 7: The government has changed the income tax rates for the new fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Following the announcement of the new annual budget by the Minister for Finance on May 29, the Inland Revenue Department (IRD) has released the new tax rates to be paid in the Fiscal Year 2022/23. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the department, an unmarried individual has to pay one percent tax for up to Rs 500,000 income while the married couples will have to pay the same amount of tax for income up to Rs 600,000 per annum. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, both the married and unmarried people are entitled to 10 per cent tax for income between Rs 600,000 to Rs 800,000. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, 20 per cent tax is imposed on income ranging from Rs 800,000 to Rs 1,100,000. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the department, an unmarried person has to pay 20 per cent tax for income between Rs 1 million to Rs 2 million while a couple earning Rs 1.1 million to Rs 2 million has to pay 30 per cent tax. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Furthermore, those earning more than Rs 2 million per annum should pay tax equal to Rs 360,000. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the IRD, an unmarried person having annual income of more than Rs 3 million should pay tax of Rs 745,000 while the married person has to pay Rs 716,000. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The IRD said the provision of one percent tax is not applicable for the taxpayers having their firm registered independently, and the contributors to the pension income, pension fund and the contribution-based Social Security Fund. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15146', 'image' => '20220607115444_Income-Tax-Return.jpg', 'article_date' => '2022-06-07 11:54:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15403', 'article_category_id' => '1', 'title' => 'Government Revokes Decision to Grant Public Holiday on Sundays', 'sub_title' => '', 'summary' => 'June 7: The government has revoked its decision to provide public holiday on Sundays. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">June 7: The government has revoked its decision to provide public holiday on Sundays. A meeting of the Council of Ministers on Monday (June 6) took a decision to this effect. The new rule will come into effect from June 15.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government had earlier announced two days holiday a week in order to reduce consumption of petroleum products. The government had introduced such provision on a trial basis starting from May 15. However, the government rolled back its decision to grant two days holiday a week after it drew criticism from all quarters. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A writ petition was also filed at the Supreme Court seeking the court’s intervention to annul the government decision to provide public holiday on Sundays. Advocates Santosh Bhandari and Punya Prasad Khatiwada had filed the writ petition at the apex court. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The petitioners had argued that the government’s decision lacked proper research and study and was just a whimsical decision.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Office of the Prime Minister and Council of Ministers and the Ministry of General Administration were made the defendants in the case. However, the case does not hold significance anymore as the government has withdrawn its decision.</span></span></p> ', 'published' => true, 'created' => '2022-06-07', 'modified' => '2022-06-07', 'keywords' => '', 'description' => '', 'sortorder' => '15145', 'image' => '20220607111914_lBTmOjxo_400x400.jpg', 'article_date' => '2022-06-07 11:18:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15402', 'article_category_id' => '1', 'title' => 'Budget has Excluded Pressing Issues: Intellectuals', 'sub_title' => '', 'summary' => 'June 6: Speakers from various walks of life have expressed concerns that the budget for the upcoming fiscal year has not addressed the burning issues of the nation.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">June 6: Speakers from various walks of life have expressed concerns that the budget for the upcoming fiscal year has not addressed the burning issues of the nation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Speaking at an interaction of budget for the fiscal year 2079/80 organized recently in the capital, members of the Nepal Intellectuals Association stated that the budget cannot address the problems of the nation as it is not practical.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> Speaking at the program, CPN-UML General Secretary Shankar Pokhrel said that the budget is unable to address the main issues that it is supposed to include. Stating that the country is in a state of economic crisis at present, he stated that the budget has been unable to guide the country in the right direction by facing the current economic crisis.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Pokhrel stated that if the country enters a dire financial crisis, winning the election is meaningless. He also emphasized that economic growth cannot be achieved without increasing the capital expenditure and pointed out the lack of no coordination between the policies and programmes and the budget.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Presenting a paper at the event, economist Prof. Dr. Govind Nepal stated that the budget is focused on the election.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He said that the emphasis on self-reliant economy, agriculture, construction of infrastructure, continuity of old plans, welfare of the people and trying to transform them are good but there are problems in implementation due to the uncertainty of budget resources.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Speaking at the same program, Prof. Dr. Pushpa Raj Kandel, former vice-chairperson of the National Planning Commission, said that the budget is introduced as a means to confuse the people and feed the task forces of parties while focusing on the upcoming election.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Meanwhile, former Vice Chairman of the National Planning Commission Dr. Dinesh Chandra Devkota said that the budget allocated lesser amount for the local levels and the states which are the pillars of federalism.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, economist Dr Dilliraj Khanal said that there is a contradiction between the goal of the budget, the word socialism and the provisions in it. Former member of the Planning Commission Min Bahadur Shahi as well agreed that the budget has been unable to address the issues of socio-economic transformation and ending inequality.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Dr. Yamun Ghale, an agronomist, said that access and control over the source of production is not mentioned in the budget while talking about increasing production and productivity. Ghale added that women should be given access to information, inclusion and technology for climate friendly farming.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Likewise, health sector expert Prof. Dr. Bidhan Nidhi Poudel stated that the previous plans of the health sector have been abandoned recklessly and new programs have been added without any study. Poudel said that the budget failed to understand the misery of the health sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Urban development expert Bipin Chitrakar said that the budget is not realistic and added that the issue of building satellite city and housing has been introduced without any study. Another expert Bidhan Acharya said that the target of revenue collection is totally unrealistic and expressed concern over the decrease in the budget of the health sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former ambassador Dr Nirmal BK said that Dalits and marginalized communities are mentioned at various places but no budget has been allocated for them.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-06', 'modified' => '2022-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '15144', 'image' => '20220606073600_budget new.jpg', 'article_date' => '2022-06-06 19:35:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15401', 'article_category_id' => '1', 'title' => 'Industries in Bara-Parsa Corridor Complain of Poor-Quality Electricity', 'sub_title' => '', 'summary' => 'June 6: Industries of Bara-Parsa Industrial Corridor, which is the main industrial area of the country, have been at the receiving end due to the poor quality of electricity supplied to them. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">June 6: Industries of Bara-Parsa Industrial Corridor, which is the main industrial area of the country, have been at the receiving end due to the poor quality of electricity supplied to them. The industries have been subject to unannounced load-shedding and frequent tripping. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Nepal Electricity Authority claims that the industries of Bara and Parsa have not been subjected to load-shedding. However, industrialists claim that they face power cuts for hours without any prior notice.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">They complain that the frequent tripping of electricity results in damage of raw materials and the quality of electricity they receive is also below the set standard. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Mostly, industries that produce textile, iron, medicines and those that rely on furnace are severely affected by the frequent power cuts, says Madhav Rajpal, chairman of Birgunj Chamber of Commerce.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The raw materials that are being processed get wasted due to the sudden power cuts. It also causes damage to the equipment,” said Rajpal, adding that the electricity consumption also increases when there is frequent power cuts.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">NEA admitted that there is problem of tripping when the demand of electricity is high because the capacity of Birgunj-Parwanipur transmission line is weak. Chief of the Birgunj Distribution Centre of NEA Jitendra Kumar Jha says that the problem of tripping is a result of excessive demand for electricity than the capacity of the transmission line.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Birgunj Chamber of Commerce has drawn the attention of the NEA that the industries have been facing the problem of tripping for 8 to 10 times a day. Issuing a statement on Sunday, the chamber has demanded high quality electricity for the industries.</span></span></p> ', 'published' => true, 'created' => '2022-06-06', 'modified' => '2022-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '15143', 'image' => '20220606053410_Transmission.jpg', 'article_date' => '2022-06-06 17:31:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15400', 'article_category_id' => '1', 'title' => 'Minister Badu Assures of Addressing the Concerns of Industrialists', 'sub_title' => '', 'summary' => 'June 6: Minister for Industry, Commerce and Supplies Dilendra Prasad Badu has said that the problems of the industrial sector will be resolved soon.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">June 6: Minister for Industry, Commerce and Supplies Dilendra Prasad Badu has said that the problems of the industrial sector will be resolved soon. Minister Badu said that some of the provisions in the budget regarding the industries producing sanitary pads, iron and palm oil would solve address the problems. He said that he would take initiative to this end.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Replying to a question raised by the industrialists at the 49th Annual General Assembly of the Chamber of Industries Morang, Minister Badu said that the problems of sanitary pads, iron and palm oil industries would also be discussed during the deliberations on budget in the parliament. He said that there is still an option to solve the problem as the budget had not been passed yet.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Stating that not only pulses and rice but also vegetables and pickles are being imported, Minister Badu said that the government is ready to cooperate with the private sector for self-reliance. He said that the government should be self-reliant in production through the 'Prime Minister's National Production and Consumption Growth Program'.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Chairman of the chamber Suyash Raj Pyakurel said that import of palm oil for biscuit and noodle industry should be stopped. In addition to this, he also urged the minister to address the problems of the sanitary industry, iron industry and vegetable oil industry.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-06-06', 'modified' => '2022-06-06', 'keywords' => '', 'description' => '', 'sortorder' => '15142', 'image' => '20220606040612_Chamber of industries morang new.jpg', 'article_date' => '2022-06-06 16:05:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
